US EditionPolitical Drama Unfolds Over Federal Reserve Nomination
Democrats seek nomination delay for Kevin Warsh amid DOJ probes into Federal Reserve officials, citing concerns over political interference in central bank independence.
- On Tuesday, the Democratic members of the Senate Banking Committee asked Senator Tim Scott to delay Warsh's nomination amid DOJ probes, as they demanded a halt until investigations concluded.
- The request followed revelations that the DOJ is probing Fed Governor Lisa Cook for alleged mortgage application misstatements and Fed Chair Jerome Powell for alleged misstatements about the Fed's headquarters renovation; Powell said the probes are an attack on institutional autonomy.
- The Senate Banking Committee's composition means one Republican defection could deadlock the panel, as all 11 Democrats and a single Republican can block the nomination, with Senator Thom Tillis signaling he will do so until DOJ probes conclude.
- The White House defended Warsh, with officials stating he is broadly endorsed, while Trump praised him on Truth Social, aligning with his calls for lower rates.
- Experts are split on Warsh, with some praising and others criticizing him, and the nomination arrives amid legal fights and conflicting expert views about Fed leadership.
13 Articles
13 Articles
Democratic Senators Seek Delay in Nomination Proceedings of Warsh for Fed Chair
The Democratic members of the Senate Banking committee on Tuesday asked Republican committee chair Senator Tim Scott to delay the nomination proceedings for former Federal Reserve governor Kevin Warsh, President Donald Trump’s pick to be the next chair of the U.S. central bank. “The nomination comes after months of repeated efforts by President Trump and his Administration to influence the Fed by intimidation, including by opening criminal inves…
Political Drama Unfolds Over Federal Reserve Nomination
Political Drama Unfolds Over Federal Reserve Nomination In a heated political move, Democrats on the Senate Banking Committee demanded a halt to the nomination proceedings for Kevin Warsh as Federal Reserve Chair. They urge a delay until investigations into current Fed officials Jerome Powell and Lisa Cook are concluded.The demand comes amidst tensions following allegations that the Trump administration attempted to sway the Fed through intimida…
Trump to nominate former Fed governor to replace Powell as chair
Kevin Warsh, second from left, listens during a panel discussion at the Semafor 2024 World Economy Summit on April 18, 2024, in Washington, D.C. (Photo by Tasos Katopodis/Getty Images for Semafor)WASHINGTON — President Donald Trump’s new Federal Reserve chair pick likely faces headwinds in the U.S. Senate, as a key lawmaker opposes the administration’s ongoing criminal probe of current Fed leader Jerome Powell. Trump announced early Friday he’s …
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