Warsh Fed nomination hearing set for mid-April
CNBC • • business
Key Points:
- The Senate Banking Committee plans to hold a nomination hearing on April 16 for Kevin Warsh to become the next Federal Reserve chair, despite an ongoing criminal probe into the Fed that complicates the confirmation process.
- Senator Thom Tillis, a committee member, has stated he will not vote to confirm Warsh until the criminal investigation is resolved, creating a potential conflict with President Trump's eagerness to push the nomination forward.
- The criminal probe focuses on allegations that current Fed Chair Jerome Powell lied to Congress about costly office renovations, but a federal judge has blocked subpoenas related to the investigation, leaving its status uncertain.
- Senator Elizabeth Warren criticized Warsh as likely to prioritize President Trump's interests over Fed independence, while Tillis praised Warsh’s credentials but remains concerned about maintaining the Fed's autonomy.
- Recent changes at the Department of Justice, including the firing of Attorney General Pam Bondi and appointment of Todd Blanche as acting attorney general, may influence the direction of the Powell investigation amid Trump's continued support for the probe.
