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Time of India
2 days ago
- Business
- Time of India
Summers says Bessent right to question Fed on ‘overreach'
Lawrence Summers backed Treasury Secretary Scott Bessent 's questioning of the Federal Reserve 's non-monetary policy activities, saying that there were some areas that are distinct from the broader issue of central bank independence . 'History teaches that the Fed should be autonomous and independent' on setting interest rates and deciding how much fuel to inject into the economy, Summers, a former Treasury and White House National Economic Council chief, said on Bloomberg Television's Wall Street Week with David Westin. 'When the political process gets in their way, the result is more inflation, less economic stability, and ultimately higher interest rates. That lesson is clear.' 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On Monday, he also called for the Fed to conduct 'an exhaustive internal review of its non-monetary policy operations.' He said on Fox Business Tuesday that such an effort could become part of Chair Jerome Powell 's 'legacy.' Summers, a Harvard University professor and paid contributor to Bloomberg TV, said he didn't think there was 'a case for autonomy' with regard to the Fed's oversight of financial regulation and stability. 'Certainly, the judgments of political officials should influence those things,' he said. 'There's no basis for the Fed being entirely autonomous and separate in those areas,' Summers said. Live Events 'Real Question' That issue most recently came to the fore late last year and in early 2025, when former President Joe Biden's pick for the Fed's vice chair for financial supervision, Michael Barr, at first said he intended to keep serving as the central bank's top banking cop until his term was up in July 2026, then declared in January he'd relinquish that role — giving President Donald Trump room to name his replacement. Barr remains on the Fed board. With regard to a 'third set of areas — what you might call public policy' is something where 'there's a real question about whether the Fed should be using its moral authority in those areas and should be an important part of national debate,' Summers said. Republicans have for years criticized aspects of the Fed system's economic research undertakings, which have covered a wide array of public-policy topics, such as housing and education. District banks have also held conferences on particular topics. In 2022, the Fed tightened its code of conduct to bar the kind of advocacy engaged in by Minneapolis Fed President Neel Kashkari with regard to a state constitutional amendment on education. 'Concerns that there have, at some points, been overreach in what you might think of as public policy, liberal arts are quite legitimate,' Summers said. 'I think Secretary Bessent is right to be' raising a question there, he said. involved. 'The question of mission creep with independence is an entirely legitimate issue. That should be reviewed and debated.' An argument can be made that research on the economy in all dimensions can contribute to monetary policy, so 'line-drawing here isn't easy,' he said. But there should be a three-part distinction with regard to the Fed's activities, he said, with independence on monetary policy, 'shared responsibility' on financial regulation and a 'flashing yellow, bordering on red light' for non-financial policy. Earlier Tuesday, Bessent offered support for Powell amid pressure from some Republicans for the Fed chief to resign or be removed. Bessent said on Fox Business that 'there's nothing that tells me that he should step down right now.' Summers argued against any call for Powell to step down, saying, 'The idea that allowing himself to be forced out would somehow make Jay Powell be serving the interests of the independence of the Fed is, I think, very wrong.'
Mint
11-07-2025
- Business
- Mint
FDA Offers to Trade Faster Drug Reviews for Lower US Prices
Food and Drug Administration Commissioner Marty Makary said his agency may fast-track new drugs from pharmaceutical companies that 'equalize' the cost of their medicines between the US and other countries, an unusual proposition from the regulator that's long avoided contentious pricing debates. The comments, made in an interview on Bloomberg Television's Wall Street Week with David Westin, offer insight into an idea floated to help the administration achieve one of President Donald Trump's main health-care goals: ensuring foreign countries aren't getting a better deal on drugs. Trump demanded that Americans get similar or lower prices as consumers in other countries in an executive order signed in May. Price adjustments may give companies another way to obtain 'national priority vouchers,' the reward that comes as part of a new program the FDA announced last month that would slash review times for companies it says are backing national interests. Makary didn't offer details about how drugmakers would have to adjust their prices to qualify for a voucher. 'We can issue a national priority review voucher for companies that are promising to equalize the price' between the US and what other foreign countries pay, Makary said. 'We want to incentivize good behavior in the marketplace, and these priority vouchers are worth a lot of money.' The new vouchers would cut review times to one to two months, down from an average of about 10 months to one year now, the agency said. In the interview, Makary said the program could be used as a tool to even out drug prices with those currently charged in places like Europe. The Department of Health and Human Services has asked drugmakers to price therapies that don't have generic competition at the lowest level offered to any member country in the Organization for Economic Cooperation and Development that has an economy at least 60% of the size of the US on a per capita basis. The FDA typically has avoided inserting itself into the murky world of drug pricing in the US. Explicitly trading faster reviews for price changes on existing treatments would be abnormal for the agency, which doesn't have authority 'to investigate or control the prices charged for marketed drugs.' It's also unclear how much of an impact the vouchers would have. Makary touted the value of pediatric priority review vouchers offered under a different program, which is currently coming to an end. He noted that some have sold for more than $100 million in a secondary market, which was legal. The new national priority vouchers can't be sold. Drugmakers also have limited control over what patients ultimately pay in the US, where a complex system of insurance companies and drug benefit managers typically operates in the space between where a patient is given a prescription and where they get their medicine from a pharmacy. Still, the approach could offer a financial incentive for drugmakers to lower drug prices. When Trump pursued equalizing costs in the US with those abroad during his first term, he exclusively used a more punitive approach, issuing regulations that would have reduced what Medicare, the health insurance program for the elderly and disabled, pays for medications administered in physicians' offices. In the initial announcement of the voucher program, FDA said they could be offered to return drug manufacturing to the US, address health crises or unmet public health needs, or provide innovative cures. The interview will air Friday at 6 p.m. in New York.
Bloomberg
10-07-2025
- Business
- Bloomberg
FDA's Push for 'Radical Transparency'
Wall Street Week FDA Commissioner Martin Makary says the agency will begin publishing drug rejection letters—long kept confidential—to help developers better understand what he calls the FDA's 'black box.' (Source: Bloomberg)
Bloomberg
26-06-2025
- Business
- Bloomberg
Mamdani's Victory Is Gift for Florida and Texas, Says Summers
Former US Treasury Secretary Lawrence Summers says if Zohran Mamdani is the next mayor of New York City, it will be a great gift for the economies of Florida and Texas. He says the democratic socialist's policies would hurt the city and there would be "massive outmigration." Summers speaks to David Westin on "Wall Street Week." (Source: Bloomberg)
Bloomberg
19-06-2025
- Business
- Bloomberg
Summers Sees Trump Naming ‘Respected' Replacement for Powell
Former Treasury Secretary Lawrence Summers said he expects Donald Trump to name a mainstream candidate to replace Federal Reserve Chair Jerome Powell, despite the president's bashing of the US central bank leader for failing to cut interest rates this year. 'I would be quite surprised if he did not make a choice that fair-minded observers on both sides recognized as a reasonable person,' Summers said on Bloomberg Television's Wall Street Week with David Westin. 'I am considerably more confident than some' that Trump would make such a decision, thanks to the swift financial-market reactions to the news when it comes, he said.
