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Hassett Says Fed Must Be Fully Independent, Even From Trump

His remarks land as Trump's shortlist narrows, intensifying questions over the central bank's independence.

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

  • Kevin Hassett, a top White House economic adviser on the Fed chair shortlist, told CBS News that monetary policy should be 100% free of political influence, including from President Trump.
  • Hassett backed Treasury Secretary Scott Bessent’s call for renewed scrutiny of the Federal Reserve but said he has no plan to overhaul the institution and offered no specific changes.
  • President Trump named Hassett, Fed Governor Christopher Waller and former Governor Kevin Warsh as the finalists to succeed Jerome Powell, with Bessent organizing the search and ruling himself out.
  • The White House push has drawn legal challenges after Trump moved to fire Fed Governor Lisa Cook, who has sued to block her removal on independence grounds.
  • Powell’s term ends in May 2026, and a weak August jobs report has investors expecting a rate cut at the Fed’s Sept. 16–17 meeting.