Kevin Hassett, a leading candidate for Federal Reserve chairman, stated that the Fed's independence and credibility are at risk due to the central bank operating beyond its statutory mandate. Hassett, who serves as a senior White House economic advisor, noted on Sunday: "The question is whether the current central bank maintains the independence and sufficient transparency we expect. I believe this point is controversial."

Treasury Secretary Scott Bessent, who is responsible for selecting the Federal Reserve chairman to succeed Jerome Powell, published a commentary in the Wall Street Journal on Friday arguing that the Fed's continuously expanding role "blurs the line between monetary policy and fiscal policy." He called for the Fed to refocus on its statutory responsibilities.

Hassett is one of three top candidates for Fed chairman mentioned by President Donald Trump. He expressed agreement with Bessent's views but indicated there are currently no specific plans for comprehensive Federal Reserve reform.

Additionally, Hassett revealed that the Bureau of Labor Statistics' data systems require further improvement and modernization to enhance the agency's credibility and transparency. Previously, the Bureau of Labor Statistics had revised down unemployment data, and Trump dismissed the agency's head last month.