Secretary Howard Lutnick reasons that FESAC has completed all necessary tasks so the Trump administration ended its operation. The termination of FESAC alarms economists about how official economic data will perform and stay trustworthy.
FESAC gave important research input to federal data collection organizations about economic statistics including AI programs. A 15-person volunteer committee added industry knowledge from organizations, businesses, nonprofits, and universities to its work.
Some experts believe official economic data reliability will suffer during a period that requires the accuracy of data statistics. Although the committee needed $120,000 yearly to pay for personnel costs and travel expenses it provided far more benefits than its costs. Through collaborative meetings, the committee helped connect government agencies with companies like Indeed and JP Morgan Chase to learn better ways of using private sector information for official statistics.
The federal agency’s executive order terminates many advisory committees which raises fear among public observers that political surveillance of economic data will worsen.
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