U.S. National Economic Council Director: "Fed rate decisions tainted by partisan politics"

JOON HYOUNG LEE

Summary

Kevin Hassett, Director of the U.S. White House National Economic Council, reportedly criticized the recent Fed rate decisions as being politically tainted.
Director Hassett pointed out that the Fed leadership is failing to fulfill its role in bipartisan leadership.
He mentioned the need to replace the Fed board and revealed that his name is being considered as a candidate for the next Fed chair.

Kevin Hassett, Director of the U.S. White House National Economic Council, directly criticized the Fed.

According to Bloomberg on the 6th (local time), Director Hassett said in an interview with Fox Business that "looking at the Fed's actions over the past few years, one might wonder if political issues have been prioritized over their core mission." He added, "The Fed should be a bipartisan institution focusing on two goals: employment and prices," and "if there is unprecedented partisan division, this means leadership has failed."

He also mentioned the need to replace the Fed leadership. Hassett stated, "It is the Fed board's role to build bipartisan consensus," and "since that is not the case right now, there is a need for the board to be replaced."

Hassett is being mentioned as a candidate for the next Fed chair. U.S. President Donald Trump said on the previous day (the 5th) that the pool of candidates for the next Fed chair had been narrowed down to four people, including Director Hassett and former Fed member Kevin Warsh.

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