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yesterday

Hassett, a Fed Chair Finalist, Says the Central Bank Must Be Fully Independent

Hassett’s remarks land during the White House search to replace Jerome Powell, with scrutiny mounting over efforts to influence the central bank.

National Economic Council Director Kevin Hassett listens to U.S. President Donald Trump, in the Oval Office, at the White House in Washington, D.C., U.S., September 5, 2025. Trump said that his short list of candidates to succeed Jerome Powell as chair of the Federal Reserve includes Kevin Hassett, director of the National Economic Council, and Treasury Secretary Scott Bessent. REUTERS/Brian Snyder/File Photo
US President Donald Trump has named three contenders to replace Federal Reserve Chair Jerome Powell.
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Overview

  • President Trump named Kevin Hassett, Christopher Waller and Kevin Warsh as his top three finalists to succeed Jerome Powell, with the timing of a decision still unclear.
  • On CBS’s Face the Nation, Hassett said monetary policy should be fully independent of political influence, including from Trump, warning that political control risks higher inflation.
  • Treasury Secretary Scott Bessent is leading the selection process and reiterated that he is not seeking the job.
  • Fed governance concerns persist as Governor Lisa Cook sues to block her attempted removal and nominee Stephen Miran faced criticism after indicating he might not immediately leave his White House role if confirmed.
  • Following a weak August jobs report, investors boosted the odds of a rate cut at the Sept. 16–17 Fed meeting, increasing attention on the leadership transition and policy outlook.