The Senate Banking Committee is reportedly planning to hold a confirmation hearing for Kevin Warsh as Federal Reserve chair as soon as the week of April 13. Warsh, nominated by former President Donald Trump, has advocated for a “regime change” in Fed policy, criticizing its hesitancy to cut interest rates. His nomination faces political resistance from Senators Thom Tillis and Elizabeth Warren.
The Senate Banking Committee is planning to hold a hearing on the nomination of Kevin Warsh as Federal Reserve chair as soon as the week of April 13. The final date depends on Warsh submitting all required paperwork to the committee.
Current Fed Chair Jerome Powell‘s term ends on May 15, but he said he will remain until his successor is confirmed. A hearing in mid-April charts a more visible path to Warsh’s confirmation.
Warsh served on the Fed’s Board of Governors from 2006 to 2011. He has said he would push for “regime change” in how the Fed manages interest rates and its balance sheet.
“Their hesitancy to cut rates, I think, is actually … quite a mark against them,” Warsh stated. He added, “The specter of the miss they made on inflation, it has stuck with them.”
The nomination faces political resistance from Senator Thom Tillis, who vowed not to vote for any Fed nominees. Tillis will attempt to block the nomination until a Department of Justice probe into Powell is resolved.
Senator Elizabeth Warren sent a letter accusing Warsh of learning nothing from his “failures” during the 2008 financial crisis. Warren said Warsh would serve as a “rubber stamp for President Trump’s Wall Street First Agenda.”
