Trump’s Federal Reserve nominee to face confirmation hearing
(NewsNation) — Federal Reserve chairman nominee Kevin Warsh will testify before the Senate Banking Committee Tuesday morning, hoping to replace Jerome Powell when his term expires next month.
Some, including Republicans, don’t think Warsh’s path to Fed chair in the confirmation hearing will be smooth sailing.
You can watch the hearing on this page at 10 a.m. ET.
Warsh, a former Federal Reserve board member, will reportedly try to reassure lawmakers — and markets — that rate decisions would remain independent, even as elected officials, including President Donald Trump, weigh in and pressure.
In prepared remarks obtained by Politico, Warsh said monetary policy must remain “strictly independent” and emphasized that controlling inflation is a core responsibility.
Who is Kevin Warsh, Trump’s pick for Fed chair?
Republican Sen. Thom Tillis has vowed to block any nomination, not just Warsh’s, unless the Justice Department probe involving Powell, the current Federal Reserve chairman, is resolved.
Warsh’s recently released financial disclosures show he’s worth more than $130 million. He has pledged to divest some assets, but according to Reuters, Democrats think they may be hard to unload.
Timing is also a consideration.
“This is a confirmation hearing that isn’t months after a general election. This is a confirmation hearing months before a midterm election,” said analyst Mitch Roschelle. “So, you’re going to get more drama, and you’re going to get more soundbites because it’s important for a third of the Senate and 100 percent of the House to get those soundbites on the record for campaign purposes.”
Meanwhile, investors are watching the broader economic picture. All three major indices closed down on Monday.
Oil and gas prices remain volatile over the Iran war. According to AAA, the national average price of gas is less than it was a week ago but still higher than a month ago.
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