The Federal Reserve’s nominee, Waller, releases the opening remarks at the hearing, pledging the “independence” of rate decisions

Golden Finance reports that on April 21, the U.S. Senate Banking Committee will hold a confirmation hearing for Federal Reserve Chair nominee Kevin Warsh on Tuesday at 10:00 a.m. Eastern Time (10:00 p.m. Beijing Time). According to an advance copy of his opening statement obtained by Politico, Warsh stated that interest rate decisions must be strictly independent of political considerations, and monetary policy should not be used as a tool for short-term political goals. He also emphasized that the Fed’s credibility comes from institutional constraints and policy discipline. Warsh stressed that maintaining price stability is the Fed’s safeguard, and he committed to taking full responsibility for this, “no excuses, no shirking.” Regarding the phenomenon of the Fed’s expanding functions in the post-crisis era, Warsh also issued a warning, advocating that its reach should not extend into fiscal or social policy areas where it lacks statutory authority. (Jin10)