Summary
Senate Democrats want to delay the confirmation hearing for Kevin Warsh, President Trump’s pick to lead the Federal Reserve, because the current Fed chair Jerome Powell and another Fed governor are under criminal investigations. Democrats say it is wrong to let Trump choose a new Fed leader while these investigations are ongoing.
Key Facts
- President Trump nominated Kevin Warsh to replace Jerome Powell as Federal Reserve chair.
- Jerome Powell is under a criminal investigation related to the Federal Reserve’s building renovations.
- Another Fed governor, Lisa Cook, faces an attempt by Trump’s administration to remove her over alleged mortgage fraud, which she denies.
- Democratic senators on the Senate banking committee asked Republican leadership to postpone Warsh’s confirmation hearing.
- The hearing was originally scheduled for Tuesday but Democrats want it delayed until investigations finish.
- Some Republicans, including Senator Thom Tillis, have concerns about confirming Warsh while the investigation is open.
- President Trump has publicly criticized the judge blocking part of the investigation and Powell’s refusal to lower interest rates.
- The White House has not yet commented on the situation.
