BlockBeats reported that Federal Reserve Chair Kevin Waller is facing intense oversight pressure from Congress. Four members of the Senate Banking Committee, led by Sen. Chris Van Hollen, sent him a joint letter asking for full disclosure of his communications with President Donald Trump. The lawmakers pointed to reports that Waller kept frequent phone contact with Trump after taking office, while those calls did not appear in the Fed’s public schedules for his early tenure. They said that kind of selective transparency could fuel concerns about government interference in monetary policy. The White House National Economic Council Director Kevin Hassett had earlier said Waller and Trump had long discussed economic issues, while also saying Trump would not pressure the Fed. Trump later denied the reports and said he had spoken with Waller only briefly a few days earlier. The Fed says it is still following its standard rules for delaying release of the chair’s schedule, and the market is watching whether Waller will add more information and whether the episode affects confidence in the Fed’s independence.
Four senators press Waller for details
BlockBeats reported on Aug. 20 that Nick Timiraos, the Wall Street Journal’s chief economics correspondent and a figure often described as the Fed’s "mouthpiece," wrote that Federal Reserve Chair Kevin Waller is under heavy oversight pressure from Congress.
On Wednesday local time, four Senate Banking Committee members led by Sen. Chris Van Hollen sent Waller a joint letter demanding full disclosure of every communication he has had with U.S. President Donald Trump.
Earlier reports said Waller kept frequent phone contact with Trump after taking office, but those calls were not listed in the Federal Reserve’s public schedule for the start of his tenure.
Lawmakers question the Fed’s transparency
The lawmakers said this kind of "selective transparency" could raise concerns that the government is interfering with monetary policy.
Kevin Hassett, director of the White House National Economic Council, previously said Waller and Trump had long discussed economic issues, while adding that Trump would not pressure the Federal Reserve. Trump later denied the reports and said he had spoken with Waller only briefly a few days earlier.
The Fed said it is still delaying release of the chair’s schedule under its existing rules.
Markets are now watching whether Waller will provide additional information and whether the matter will affect confidence in the Federal Reserve’s independence.
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