Trump officially nominates Kevin Warsh as Federal chair
CNBC • • business
Key Points:
- President Donald Trump officially nominated Kevin Warsh to be the next chairman of the Federal Reserve, pending Senate confirmation to succeed Jerome Powell for a four-year term.
- The nomination was sent to the Senate over a month after Trump initially announced Warsh as his choice for Fed chairman.
- Senator Thom Tillis has vowed to block Warsh’s nomination until a federal criminal investigation into Powell is dropped, potentially stalling the Senate’s consideration.
- Powell is under investigation related to the $2.5 billion Federal Reserve headquarters renovation and his Senate testimony, which he claims is politically motivated due to resistance against Trump’s pressure on interest rate cuts.
- Trump previously attempted to fire Fed Governor Lisa Cook over allegations perceived as retaliation for her interest rate
