Who will run the Federal Reserve if the Senate doesn't confirm Trump's pick?
Summary
President Trump wants to replace Federal Reserve Chair Jerome Powell with Kevin Warsh, but the Senate has not yet confirmed Warsh. A Justice Department investigation into Powell is causing delays, and Powell plans to stay on as interim chair until the investigation ends or a new chair is confirmed.Key Facts
- President Trump wants to change the Federal Reserve leadership before Powell's term ends on May 15.
- Kevin Warsh is Trump's nominee for the Fed chair, but his Senate confirmation is blocked.
- The Justice Department is investigating Powell over a renovation at the Fed headquarters.
- Senator Thom Tillis refuses to vote on Fed nominees until the investigation into Powell stops.
- Powell accuses prosecutors of trying to pressure him over Fed interest rate decisions; the Trump administration denies this.
- Powell will remain interim Fed chair until a successor is confirmed and the investigation ends.
- President Trump has threatened to fire Powell if he stays too long without a confirmed replacement.
- The Federal Open Market Committee meets on June 16-17, a key date for confirming the new Fed chair.
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