Senate is set to confirm Trump pick Warsh as chairman of the Federal Reserve, following Powell
Summary
The Senate is expected to confirm President Donald Trump’s nominee, Kevin Warsh, as chairman of the Federal Reserve. This change in leadership comes at a challenging time with rising inflation and divisions within the Federal Reserve’s interest rate committee.Key Facts
- Kevin Warsh, 56, is nominated by President Trump to lead the Federal Reserve.
- The Senate is set to confirm Warsh as chairman and recently confirmed him as a member of the Federal Reserve Board of Governors.
- A Justice Department investigation into current Fed Chair Jerome Powell was dropped, allowing Warsh’s confirmation to move forward.
- Inflation has exceeded the Federal Reserve’s target of 2% for five years and is rising faster due to gas prices.
- The Federal Reserve’s interest rate committee recently had the most divided vote in over 30 years.
- Jerome Powell plans to remain on the Fed board even after his term as chair ends, which could create two centers of influence.
- President Trump has previously criticized Powell and sought actions against some Fed officials.
- Kevin Hassett, White House economic adviser, said markets expect Warsh to help reduce interest rates over time.
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