As global attention focuses on the succession to Federal Reserve Chairman Jerome Powell, an instructive contrast has emerged between the United States and Japan in the way central bank leadership is chosen — and publicly scrutinized.

On April 21, Kevin Warsh, the former Federal Reserve governor nominated by U.S. President Donald Trump to become the next chair of the Federal Reserve Board, appeared before the U.S. Senate Committee on Banking, Housing and Urban Affairs for his confirmation hearing.

Asked directly whether President Trump had pressured him regarding interest-rate policy, Warsh stated clearly that he had received no such specific requests and reaffirmed the independence of the Federal Reserve. The entire exchange — between the nominee and both Republican and Democratic senators — was broadcast live on television, allowing the public to judge both the candidate and the institutional norms at stake.

© The Japan Times