Kevin M. Warsh, President Trump’s nominee for Federal Reserve chair, told senators at his confirmation hearing that the president had not asked him for any commitments. Democrats pressed him on his independence and details of his financial assets.
Kevin M. Warsh, President Trump’s pick to lead the Federal Reserve, asserted repeatedly at a combative confirmation hearing on Tuesday that he would not cut interest rates simply because President Trump wanted him to, pledging to be “strictly independent” if confirmed for one of the world’s most powerful economic positions.
In sometimes testy exchanges before the Senate Banking Committee, Mr. Warsh, 56, sought to dispel doubts around his credibility, saying Mr. Trump had “never asked me to predetermine, commit, fix, decide on any interest rate decision in any of our discussions, nor would I ever agree to do so.”
For Warsh, the next immediate step is a set of written questions from lawmakers, for which responses appear to be due by Thursday. The quick turnaround suggests that the Senate Banking Committee is trying to move quickly to hold a vote on his nomination. If the committee approves his nomination, he will then need to be considered by the full Senate.
Regardless of the timeline, the road ahead has not changed much for Warsh. At least one Republican on the committee, Mr. Tillis, wants to see the Justice Department investigation into Powell closed before he supports any Fed nominee. And the Trump administration, so far, has shown no sign of backing down.
For more:
- What is a central bank?
- History of the Federal Reserve.
- Describe the backgrounds of the people who have been Chair of the Federal Reserve.
- Monetary policy of the United States.
- Describe the monetary policy of the United States.
- Should the Federal Reserve be independent of the president? If so, how independent?
- What influence does the Senate Banking Committee have over the Federal Reserve?
