The Bad PlaceABC News: Top Stories | Trump's Fed chair nominee Kevin Warsh to testify before Congress amid Powell probe
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President Donald Trump’s pick to replace Federal Reserve Chair Jerome Powell—former Fed governor Kevin Warsh—will testify before the Senate amid a bipartisan backlash spurred by a criminal probe into Powell’s alleged false testimony about an office renovation. The investigation threatens to delay or derail Warsh’s confirmation, prompting Republican Sen. Thom Tillis to withhold a vote until the Justice Department resolves the case, while Democratic Sen. Elizabeth Warren warns that Warsh could become “Trump’s sock puppet,” a charge dismissed by Republican committee chair Tim Scott. Warsh, a Hoover Institution fellow and partner at the Duquesne Family Office, served on the Fed board during the 2008 crisis and is known as a former “hawk” who has recently advocated lower rates, a stance complicated by soaring inflation following geopolitical tensions with Iran. Powell has said he will remain chair until Warsh is confirmed, though Trump has threatened to fire him if he stays past his May 15 term end. The nomination arrives as the Fed wrestles with high inflation and a tepid labor market, forcing a delicate balance between rate hikes to curb price growth and cuts to spur hiring.
#KevinWarsh #DonaldTrump #JeromePowell #FederalReserve #Senate #ThomTillis #ElizabethWarren #TimScott #StanleyDruckenmiller
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