Trump's Fed chair nominee Kevin Warsh to testify before Congress amid Powell probe
Summary
President Donald Trump’s choice to lead the Federal Reserve, Kevin Warsh, will testify before the Senate as his nomination faces challenges due to an ongoing investigation into current Fed Chair Jerome Powell. The probe, which looks into Powell’s testimony to Congress, could delay Warsh’s confirmation, while some lawmakers question whether Warsh will act independently of President Trump’s preferences on interest rates.Key Facts
- Kevin Warsh is President Trump’s nominee to chair the Federal Reserve.
- Warsh will testify in a Senate confirmation hearing amid scrutiny and opposition.
- The nomination is complicated by a federal criminal investigation into current Fed Chair Jerome Powell.
- The investigation concerns alleged false testimony by Powell about an office renovation.
- Powell was appointed Fed Chair by President Trump in 2017 and denies wrongdoing, calling the probe political.
- Senator Thom Tillis said he will not support Warsh’s nomination until the investigation is resolved.
- Warsh served on the Federal Reserve’s Board of Governors from 2006 to 2011, including during the 2008 financial crisis.
- Warsh has a background in finance and policymaking and currently works at a conservative think tank and an investment firm.
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