US EditionIBM executive praises Trump’s Federal Reserve chair pick
Gary Cohn praised Warsh's expertise during the 2008 crisis and expects one to two interest-rate cuts this year amid debates over Fed independence.
- On Sunday, IBM Vice Chairman Gary Cohn endorsed President Trump's nominee Kevin Warsh, calling him highly qualified and restorative of traditional Fed norms; the U.S. Senate must confirm the nomination.
- Amid months of criticism of the Fed, Jerome Powell revealed earlier this month that the Fed received subpoenas threatening him with criminal charges, while Sen. Thom Tillis vowed to oppose nominees until the legal matter is resolved.
- Cohn recalled Warsh's role in the 2008 crisis, saying `He was instrumental in that crisis`, and highlighted his recent work with Stanley Druckenmiller and at the Hoover Institution.
- Seen as a safe pick by markets, Warsh will focus on interest-rate policy, with Cohn saying `There is a pressure right now for interest rates to go lower` and small cuts expected this year.
- On the regulatory front, Cohn said Warsh "is a traditionalist, believing that we need strong regulation in the United States" and will look to sell down the Fed's large balance sheet.
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7 Articles
IBM exec says Trump's Fed pick will 'overhaul' central bank policies while bringing crisis expertise
IBM Vice Chair Gary Cohn said President Donald Trump’s Federal Reserve nominee Kevin Warsh is uniquely positioned to overhaul the central bank, pointing to Warsh’s hands-on role during the 2008 financial crisis and his plans to return the Fed to traditional monetary and regulatory norms.Cohn made the remarks Sunday during an appearance on CBS’ "Face the Nation," where host Margaret Brennan asked him about Trump’s pick to lead the Federal Reserve…
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Debate about the political independence of the Federal Reserve, highlighted over the past year in large part by President Donald Trump’s haranguing of the U.S. central bank over interest rate policy, continued this week after the president named Kevin Warsh as his choice to succeed current Fed…
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