US Senate LIVE: Trump’s Fed Chair Nominee GRILLED OVER WEALTH at Confirmation Hearing | Powell News
WASHINGTON, DC – Senate Banking Committee holds hearing on the nomination of Kevin Warsh to be next chair of the Federal Reserve, in Washington. After more than a decade criticizing the U.S. central bank, former Federal Reserve Governor Kevin Warsh faces a mark-to-market moment in a Senate hearing on Tuesday when lawmakers will likely press the Fed chief nominee to flesh out his monetary policy and economic ideas and calls for fundamental change. The hearing before the Senate Banking Committee is the next step in the 56-year-old financier’s still-controversial path to the Fed chief’s corner office in the central bank’s headquarters in Washington. Fed Chair Jerome Powell’s last day in the top job is ostensibly May 15, but key Republicans have committed to blocking Warsh’s confirmation until the Trump administration drops a criminal probe of Powell and the central bank that they consider frivolous and a threat to its independence. Federal Reserve chair nominee Kevin Warsh said Monday that the central bank must be largely independent of political influence but also should stay focused on its primary goals. In remarks to be delivered Tuesday to the Senate Banking Committee, Warsh also expressed firm commitment to fighting inflation with only one mention of the labor market.
“Simply stated, Fed independence is largely up to the Fed,” the former central bank governor said. Warsh’s speech also features a familiar criticism he has brought in recent years, namely that the Fed on multiple occasions has overstepped its boundaries and reached into areas such as climate change and social inequality.
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