Summary
The White House has officially nominated Kevin Warsh to become the new chair of the Federal Reserve. His nomination was sent to the Senate for consideration, but it may face delays due to an ongoing investigation involving the current chair, Jerome Powell.
Key Facts
- Kevin Warsh is nominated to be the next Federal Reserve chair.
- Jerome Powell's term as chair ends in two months.
- Warsh's nomination was sent to the Senate Banking Committee.
- Senator Thom Tillis opposes the nomination until an investigation into Powell is resolved.
- The investigation involves Powell's testimony about a $2.5 billion building project.
- The Justice Department issued a subpoena related to Powell's Senate testimony.
