Breaking! The new Fed Chair makes a tough stance on Capitol Hill, is the "independent market" for $BTC and $ETH secure?

A hearing before the U.S. Senate Banking Committee put the Federal Reserve’s independence in the spotlight. Nominated as the next Fed Chair, Waller faced questions from bipartisan lawmakers and provided a core answer: monetary policy must be independent, and he will not become anyone’s puppet.

In his prepared remarks, Waller promised to ensure strict independence in implementing monetary policy. He believes that the Fed’s independence mainly depends on itself, and the greatest risk comes from extending functions into areas lacking statutory authority, such as fiscal or social policy.

When asked whether comments from the president or lawmakers on interest rates would threaten independence, Waller’s response was straightforward. He believes that elected officials expressing views on interest rates do not pose a special threat to the operational independence of monetary policy.

Congressman John Kennedy’s question was more pointed, directly asking Waller if he would become Trump’s “puppet.” Waller replied firmly: “Absolutely not.” He further explained that the president has never asked him to commit to any specific interest rate decision, and even if asked, he would never agree.

Another lawmaker, Jack Reed, pressed whether Waller would succumb to Trump’s demand for rate cuts. Waller responded that he had not made any commitments to Trump.

The hearing also saw intense exchanges. Senator Elizabeth Warren called Waller an “unfit” candidate and repeatedly asked whether Trump lost the 2020 election. Waller refused to answer, stating that if confirmed, he would work to keep politics out of the Federal Reserve.

Warren also demanded that Waller disclose details of his assets worth about $100 million to verify whether they involve the Trump family or the late financier Epstein. Waller reiterated that he has cooperated with the government ethics office to divest his assets and agreed to sell all financial holdings after confirmation, but did not provide specific details.

Besides defending independence, Waller previewed a reform blueprint. He stated that if confirmed, he hopes to carry out comprehensive reforms of the Fed, including changes to policy implementation systems and establishing a new inflation framework, though he did not specify the details of the new framework.

He told Committee Chair Tim Scott that the Fed needs a new framework, new tools, and a new way of communicating. On communication, Waller criticized the current quarterly economic projections, known as the “dot plot,” arguing that officials tend to over-communicate on interest rates.

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