Popular candidate Hassett supports the Federal Reserve's "expansion of responsibilities," criticizing that independence and credibility are facing risks
Kevin Hassett, a popular candidate for the position of Federal Reserve Chairman, stated that the Federal Reserve's independence and credibility are at risk due to actions beyond its statutory responsibilities. Hassett, a senior economic advisor at the White House, pointed out last Sunday: "The question is whether the current central bank is maintaining independence and sufficient transparency as we expect. I think this is debatable." U.S. Treasury Secretary Scott Basset, responsible for selecting the Federal Reserve Chairman (to replace Jerome Powell), commented in an article in The Wall Street Journal last Friday that the Federal Reserve's expanding functions "blur the lines between monetary policy and fiscal policy," and called for the Fed to refocus on its statutory duties. Hassett is one of the three popular candidates for Federal Reserve Chairman mentioned by President Donald Trump. He expressed agreement with Basset's views but noted that there are currently no specific plans for comprehensive reform of the Federal Reserve. Additionally, Hassett revealed that the data system of the Bureau of Labor Statistics needs further improvement and modernization to enhance the agency's credibility and transparency. Previously, the Bureau of Labor Statistics revised down unemployment data, and Trump had fired the head of the agency last month
According to the Zhitong Finance APP, Kevin Hassett, a popular candidate for the Federal Reserve Chair, stated that the Federal Reserve's independence and credibility are facing risks due to actions beyond its statutory responsibilities. Hassett, a senior economic advisor at the White House, pointed out last Sunday: "The question is whether the current central bank is maintaining independence and sufficient transparency as we expect. I think this is debatable."
Scott Basset, the U.S. Treasury Secretary responsible for selecting the Federal Reserve Chair (to replace Jerome Powell), commented in an article in The Wall Street Journal last Friday that the expanding functions of the Federal Reserve "blur the lines between monetary policy and fiscal policy," and called for the Fed to refocus on its statutory responsibilities.
Hassett is one of the three popular candidates for Federal Reserve Chair mentioned by President Donald Trump. He expressed agreement with Basset's views but stated that there are currently no specific plans for comprehensive reform of the Federal Reserve.
In addition, Hassett revealed that the data system of the Bureau of Labor Statistics needs further improvement and modernization to enhance the agency's credibility and transparency. Previously, the Bureau of Labor Statistics revised down the unemployment data, and Trump had fired the head of the agency last month
