Personal Finance: How does the Fed control interest rates?

Last week, the Senate Banking Committee held a hearing to vet President Donald Trump’s nominee for chair of the Federal Reserve Board of Governors. The president’s pick, Kevin Warsh, previously served as a member of the board from 2006 to 2011 and is currently a visiting scholar at the Hoover Institution at Stanford University. If confirmed by the Senate, Warsh will replace current Chair Jerome Powell, whose term expires in May.