Published 2 hours ago • loading... • Updated 50 minutes ago

Kevin Warsh says he will not be Trump's 'sock puppet' if confirmed as Fed chairman

On Tuesday, Federal Reserve nominee Kevin Warsh testified before the Senate Banking Committee, pledging to keep monetary policy "strictly independent" from political influence while emphasizing the central bank must "stay in its lane" regarding price stability.
President Donald Trump has repeatedly pressured the Fed to lower interest rates, recently criticizing expensive headquarters renovations costing nearly $4 billion, demands that intensified scrutiny of the nomination to replace current Fed Chair Jerome Powell.
Democratic senators, including Senator Elizabeth Warren, sharply criticized Warsh, labeling him a "sock puppet" while questioning his financial transparency regarding a portfolio worth more than $100 million.
Republican Senator Thom Tillis pledged to block the nomination until the Justice Department concludes its investigation into Powell, leaving it unclear if the Senate can confirm a successor before Powell's term ends May 15.
Economists warn that Warsh must navigate persistent inflation currently running at 3.3%, while balancing presidential expectations for rapid rate cuts against complex supply shocks like rising energy prices caused by the war in the Middle East.

Insights by Ground AI

31 Articles

Kevin Warsh Assures that He Will Not "Absolutely" Be Trump's Puppet

The upper chamber must validate his appointment so that he succeeds Jerome Powell in a month's time as president of the Fed.

50 minutes ago·Brussels, Belgium

Read Full Article

CNBC

Center

Fed chair nominee Kevin Warsh says he won't be 'sock puppet' for President Trump

The Senate Committee on Banking, Housing and Urban Affairs holds a nomination hearing for President Donald Trump's Federal Reserve chair pick Kevin Warsh.

2 hours ago·United States

Read Full Article

Barron's

Center

Sen. Elizabeth Warren Calls Warsh a "Sock Puppet"

In her opening statement, ranking member Sen. Elizabeth Warren issued a scathing takedown of Kevin Warsh, repeatedly questioning why the hearing on his nomination for Fed Chair was even taking place. President Trump, said Warren, "wants the Fed to use monetary policies to artificially juice the eco

2 hours ago·New York, United States

Read Full Article