Kevin Hassett, the director of the White House National Economic Council and a top contender to lead the Federal Reserve, said on Sunday that President Donald Trump’s pleas to alter the central bank’s policies would carry “no weight” if he is selected for the role.
“I’m, right now, the top economic adviser for the president, and I talk about almost everything with him almost every day,” Hassett said in an interview on CBS’ “Face the Nation.” “I think he has very strong and well-founded views about what we ought to do.”
“But in the end, the job of the Fed is to be independent and to work with the group of people that are on the board of governors, at the FOMC [Federal Open Market Committee] to drive a group consensus on where interest rates should be and to do so with the guidance of the Fed chair,” Hassett continued.
Trump said in September that Hassett is one of three top candidates to fill the role set to open in May 2026 with the conclusion of current Fed Chair Jerome Powell’s term.
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Trump has sparred publicly with Powell repeatedly since taking office in January, calling on him to be fired for refusing to lower interest rates at the president’s request.
Hassett is a longtime ally of the president and served during Trump’s first administration as chair of the Council of Economic Advisers from 2017 through 2019. Before joining the National Economic Council earlier this year, he worked for the private equity firm run by Trump’s son-in-law, Jared Kushner.
In a Friday interview with The Wall Street Journal, Trump said that he was leaning toward selecting Hassett or former Federal Reserve board of governors member Kevin Warsh. Trump said regardless of his choice, the next Fed Chair should seek his advice on interest rates.
“Typically, that’s not done anymore. It used to be done routinely. It should be done,” Trump told the Journal. “It doesn’t mean — I don’t think he should do exactly what we say. But certainly we’re — I’m a smart voice and should be listened to.”
Hassett said Sunday that should he be selected for the role, Trump’s voice would “have no weight.”
“His opinion matters if it’s good, you know, if it’s based on data,” Hassett continued. “And then, if you go to the committee and you say, ‘Well, the president made this argument and that’s a really sound argument, I think, what do you think?’ If they reject it, then they’ll vote in a different way.”
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