Kevin Warsh Fed chair confirmation hearing: Live updates
CNBC • • general
Key Points:
- Kevin Warsh, nominated by President Trump to chair the Federal Reserve, testified before the Senate Banking Committee, asserting he would maintain Fed independence and not yield to political pressure on interest rates despite Trump's public demands for cuts.
- Democrats, led by Sen. Elizabeth Warren, aggressively questioned Warsh on his vast personal wealth, ties to Trump, and his refusal to acknowledge Trump's 2020 election loss, raising concerns about his suitability and independence.
- Sen. Thom Tillis, a Republican, is blocking Warsh’s confirmation vote in committee pending resolution of a DOJ criminal probe into current Fed Chair Jerome Powell, creating a significant delay and potential deadlock.
- Warsh criticized the Fed's past pandemic-era policies as a "fatal policy error" and called for a "regime change" in inflation management, signaling intentions for major shifts in Fed policy and communication if confirmed.
- Warsh's financial disclosures reveal over $100 million in complex investments, including significant cryptocurrency holdings, drawing scrutiny from ethics officials and senators about potential conflicts and compliance.
