Fed Chair Finalist Hassett Backs ‘Mission Creep’ Criticism

Kevin Hassett, a leading contender for the Federal Reserve chair position, has criticized the central bank for overstepping its mandate. Hassett, a former economic adviser to the Trump administration, believes that the Fed has engaged in "mission creep," compromising its independence and credibility. Hassett's comments suggest that he believes the Fed has strayed from its primary objectives of maintaining price stability and maximizing employment. He argues that the central bank's foray into areas such as climate change and social justice issues have undermined its core responsibilities. The article highlights the ongoing debate surrounding the Fed's role and the potential for a more restrictive policy approach under a Hassett-led leadership. This stance could signal a shift in the Fed's priorities and the way it navigates the complex economic landscape. The article provides a concise summary of Hassett's criticism of the Fed's "mission creep" and the potential implications for the central bank's future direction. It presents the key points without delving into excessive details or exhibiting any apparent bias.