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Fed Pick Warsh to Face Senate Grilling With Confirmation in Limbo
Kevin Warsh has for years accused the Federal Reserve of losing its way and said it's in desperate need of "regime change." Now, as President Donald Trump's pick to be the next Fed leader ...
Fed Chair Nominee Kevin Warsh's Confirmation Hearing Looms ... - Yahoo
The Senate is set to consider whether to confirm Kevin Warsh as Federal Reserve chairman, despite opposition from Democrats who want to halt the process.The Senate Committee on Banking, Housing, and Urban Affairs is scheduled to consider the nomination in a hearing April 21. Warsh is President Donald Trump's pick to replace current Fed Chair Jerome Powell. If Warsh's nomination moves forward, the full Senate would need to approve.On Thursday, 11 Democratic members of the committee sent a letter to Chair Sen. Tim Scott, saying the hearing and subsequent vote should be delayed until investigations into Powell and Gov. Lisa Cook are closed.The letter states that it would be "absurd on its face to allow President Trump to handpick the next Chair of the Federal Reserve as his Department of Justice actively pursues criminal investigations of not one, but two sitting members of the Federal Reserve Board.”Powell's term as Fed chair ends May 15. But, he has the option to remain on the board of governors as a regular member until 2028. Trump, who wants to see the central bank lower interest rates dramatically, has been sharply critical of him.The banking committee's 11 Democrats, including ranking member Elizabeth Warren of Massachusetts, Jack Reed of Rhode Island, Mark Warner of Virginia, and Chris Van Hollen of Maryland, decried the investigations as "part of the Trump Administration’s broader effort to take control of the Fed.”Battle for the FedTrump has publicly feuded with Powell as the Fed paused interest rate cuts amid fears of renewed inflation. This week, Trump threatened to fire Powell if he does not resign after his term as chair ends.In January, Powell revealed he was the subject of a Justice Department criminal probe over his Senate testimony about recent renovations to the Fed's headquarters in Washington, DC.Trump has also attempted to fire Cook, a Biden appointee, over allegations of mortgage fraud. That challenge reached the Supreme Court. It is still deliberating over the legality of such a move.Scott has publicly said he does not believe Powell committed a crime. Crucially, Sen. Thom Tillis, a Republican on the Banking Committee, has said he will not vote to confirm any Fed nominee until the DOJ's probe of Powell is publicly ended.A number of other Republicans are growing impatient with the probe and want it to end, including Senate Majority Leader John Thune, Politico reports.A conclusion of the probe would allow Warsh's nomination to proceed eve...
Trump's Fed pick Kevin Warsh discloses vast wealth before confirmation ...
Mr Warsh, who previously served as a governor at the Fed between 2006 and 2011, will be grilled by members of the powerful Senate Banking Committee, which oversees the central bank.
New Fed chair in an evolving economy: What Warsh might face
If confirmed, Kevin Warsh will inherit a Federal Reserve and an economy that are very different from past chairs' terms. Here's what to know.
