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Economists of all political views breathed a sigh of relief and celebrated when Kevin Hassett was confirmed last week as chairman of the Council of Economic Advisers.
Hassett, my former American Enterprise Institute colleague, is widely respected, as evidenced by a June letter of support for his nomination signed by 44 leading economists from both the left and right. The signatories include 14 former CEA chairs — every living CEA chair except Janet Yellen (understandable given her current job as chair of the US Federal Reserve) and Joseph Stiglitz, the liberal economist from Columbia University — and two former Fed chairmen. (I am one of the signatories.)
This degree of bipartisanship is all too rare in Washington, and is evidence of the value Hassett has always placed on productive engagement with those with whom he disagrees and of his professional excellence. One person who knows that as well as anyone is Senator John McCain, whom Hassett advised during his 2000 and 2008 presidential campaigns. Here’s McCain’s statement about Hassett in the congressional record:
I am pleased to support the nomination of Dr. Kevin Hassett to be Chairman of the Council of Economic Advisers. Kevin is exceptionally qualified to be Chairman of the CEA, where he will play an integral role in tax reform and shaping this administration’s pro-growth economic policies.
I have known Kevin for quite some time — beginning when he served as the chief economic adviser to my Presidential campaign in 2000. The only time I have doubted his intellect was when he agreed to return to advise for my 2008 Presidential campaign.
He has an extensive economic career spanning multiple administrations, including those of Presidents Clinton and George H.W. Bush. Currently, Kevin works at the American Enterprise Institute, AEI, as the State Farm James Q. Wilson Chair in American Politics and Culture and director of Research for Domestic Policy. Before joining AEI, Kevin served as a senior economist at the Federal Reserve and did a stint at Columbia Business School teaching economics and finance.
To understand fully how smart he is, Kevin’s former colleague told me the story of how he printed out a 400-plus page technical paper at the request of Kevin, only to realize he had printed out the original German version rather than an English translation. Without batting an eye, Kevin said “no problem†and went about reading the scholarly report in
German.
Kevin’s nomination has received support from an ideologically diverse group of notable economists, including past CEA Chairmen. Additionally, the Senate Banking Committee approved his nomination by voice vote. I am pleased to support Kevin’s nomination today. I wish him, his lovely wife, Kristie, and their sons, John and Jamie, all of the best in this new chapter of their lives.
A touching tribute, in any language.
Hassett’s leadership of the CEA means that President Donald Trump and his administration will be getting expert advice and excellent judgment from a widely respected economist. I am hopeful that Hassett’s appointment will also continue his legacy of engagement and productive dialogue with anyone willing to come to the table. Washington needs that now, and Kevin might be just what the doctor ordered.
—Bloomberg