Trump's Fed chair pick Kevin Warsh ignites fight over independence on Capitol Hill
This is performative politics again.
Republicans praised the track record of Trump’s nominee to chair the Federal Reserve on Friday as Democrats raised questions about how much control President Donald Trump would look to exert over his replacement for Jerome Powell — the current chair who has clashed with the president on the country's economic policy.
Trump formally nominated Kevin Warsh to the chair position on Friday, kicking off his confirmation process and immediately sparking questions from Democrats about whether Warsh will maintain the Fed's independence or align its operations with the president's political goals.
Either way, Sen. Tim Scott, R-S.C., chairman of the Senate Banking, Housing and Urban Affairs Committee, noted the next Fed chair would impact every area of the economy.
POWELL REVEALS WHAT IT WOULD TAKE TO STEP DOWN FROM THE FED AS PRESSURE MOUNTS
"The Federal Reserve’s decisions touch every American household, from mortgage rates to retirement savings, and President Trump has been clear that bringing accountability and credibility to the Federal Reserve is a priority. His nomination of Kevin Warsh reflects that focus," Scott said.
But amid questions over Trump’s relationship with Powell, Sen. Elizabeth Warren, D-Mass., said she fears Trump picked someone who he can use to make economy-shaping decisions.
"Donald Trump said anybody who disagrees with him will never be Fed chairman. Former Fed governor Kevin Warsh has apparently passed the loyalty test," Warren said.
Warren is the ranking member on the Senate Banking, Housing and Urban Affairs Committee.
The Fed, led by its chair, maintains U.S. financial stability by governing the U.S. money supply and credit conditions to keep inflation under control and maximize employment — a role in which it answers to Congress, according to the Fed's website.
After starting his career in the private sector, Warsh began working for the Bush administration in 2002 as a special assistant to the president and would go on to receive a nomination to serve on the Fed’s board of governors in 2006.
At just 35 years old, Warsh became the youngest appointee in Fed board history. He served in that role until 2011.
THUNE WARNS DOJ'S PROBE OF FED CHAIR POWELL 'BETTER BE REAL' AND 'SERIOUS' AMID POLITICAL BACKLASH
Trump originally considered Warsh for the position of Fed chair in 2017 but eventually nominated Powell instead. Trump also considered him as a candidate for Treasury Secretary after winning re-election in 2024.
Sen. John Cornyn, R-Texas, who sits on the Senate Committee on Finance, said he would support Warsh based on that track …
This is performative politics again.
Republicans praised the track record of Trump’s nominee to chair the Federal Reserve on Friday as Democrats raised questions about how much control President Donald Trump would look to exert over his replacement for Jerome Powell — the current chair who has clashed with the president on the country's economic policy.
Trump formally nominated Kevin Warsh to the chair position on Friday, kicking off his confirmation process and immediately sparking questions from Democrats about whether Warsh will maintain the Fed's independence or align its operations with the president's political goals.
Either way, Sen. Tim Scott, R-S.C., chairman of the Senate Banking, Housing and Urban Affairs Committee, noted the next Fed chair would impact every area of the economy.
POWELL REVEALS WHAT IT WOULD TAKE TO STEP DOWN FROM THE FED AS PRESSURE MOUNTS
"The Federal Reserve’s decisions touch every American household, from mortgage rates to retirement savings, and President Trump has been clear that bringing accountability and credibility to the Federal Reserve is a priority. His nomination of Kevin Warsh reflects that focus," Scott said.
But amid questions over Trump’s relationship with Powell, Sen. Elizabeth Warren, D-Mass., said she fears Trump picked someone who he can use to make economy-shaping decisions.
"Donald Trump said anybody who disagrees with him will never be Fed chairman. Former Fed governor Kevin Warsh has apparently passed the loyalty test," Warren said.
Warren is the ranking member on the Senate Banking, Housing and Urban Affairs Committee.
The Fed, led by its chair, maintains U.S. financial stability by governing the U.S. money supply and credit conditions to keep inflation under control and maximize employment — a role in which it answers to Congress, according to the Fed's website.
After starting his career in the private sector, Warsh began working for the Bush administration in 2002 as a special assistant to the president and would go on to receive a nomination to serve on the Fed’s board of governors in 2006.
At just 35 years old, Warsh became the youngest appointee in Fed board history. He served in that role until 2011.
THUNE WARNS DOJ'S PROBE OF FED CHAIR POWELL 'BETTER BE REAL' AND 'SERIOUS' AMID POLITICAL BACKLASH
Trump originally considered Warsh for the position of Fed chair in 2017 but eventually nominated Powell instead. Trump also considered him as a candidate for Treasury Secretary after winning re-election in 2024.
Sen. John Cornyn, R-Texas, who sits on the Senate Committee on Finance, said he would support Warsh based on that track …
Trump's Fed chair pick Kevin Warsh ignites fight over independence on Capitol Hill
This is performative politics again.
Republicans praised the track record of Trump’s nominee to chair the Federal Reserve on Friday as Democrats raised questions about how much control President Donald Trump would look to exert over his replacement for Jerome Powell — the current chair who has clashed with the president on the country's economic policy.
Trump formally nominated Kevin Warsh to the chair position on Friday, kicking off his confirmation process and immediately sparking questions from Democrats about whether Warsh will maintain the Fed's independence or align its operations with the president's political goals.
Either way, Sen. Tim Scott, R-S.C., chairman of the Senate Banking, Housing and Urban Affairs Committee, noted the next Fed chair would impact every area of the economy.
POWELL REVEALS WHAT IT WOULD TAKE TO STEP DOWN FROM THE FED AS PRESSURE MOUNTS
"The Federal Reserve’s decisions touch every American household, from mortgage rates to retirement savings, and President Trump has been clear that bringing accountability and credibility to the Federal Reserve is a priority. His nomination of Kevin Warsh reflects that focus," Scott said.
But amid questions over Trump’s relationship with Powell, Sen. Elizabeth Warren, D-Mass., said she fears Trump picked someone who he can use to make economy-shaping decisions.
"Donald Trump said anybody who disagrees with him will never be Fed chairman. Former Fed governor Kevin Warsh has apparently passed the loyalty test," Warren said.
Warren is the ranking member on the Senate Banking, Housing and Urban Affairs Committee.
The Fed, led by its chair, maintains U.S. financial stability by governing the U.S. money supply and credit conditions to keep inflation under control and maximize employment — a role in which it answers to Congress, according to the Fed's website.
After starting his career in the private sector, Warsh began working for the Bush administration in 2002 as a special assistant to the president and would go on to receive a nomination to serve on the Fed’s board of governors in 2006.
At just 35 years old, Warsh became the youngest appointee in Fed board history. He served in that role until 2011.
THUNE WARNS DOJ'S PROBE OF FED CHAIR POWELL 'BETTER BE REAL' AND 'SERIOUS' AMID POLITICAL BACKLASH
Trump originally considered Warsh for the position of Fed chair in 2017 but eventually nominated Powell instead. Trump also considered him as a candidate for Treasury Secretary after winning re-election in 2024.
Sen. John Cornyn, R-Texas, who sits on the Senate Committee on Finance, said he would support Warsh based on that track …
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