Powell Nominated for Fed Chair as Senate's First Hurdle Emerges

January 30 – Democratic Massachusetts Senator Elizabeth Warren raised multiple concerns Friday about former President Trump’s nomination of Kevin Warsh. As the top Democrat on the Senate Banking Committee (the first step in Warsh’s confirmation process), Warren questioned whether Warsh could lead the Federal Reserve free of White House influence. “Trump has made clear anyone who disagrees with him cannot serve as Fed Chair,” Warren said in a statement. “Former Fed Governor Kevin Warsh—who prioritized Wall Street over the millions of Americans who lost jobs after the 2008 financial crisis—has apparently passed his loyalty test.” Warren urged Republicans to hold off on advancing Warsh’s nomination until the Justice Department wraps its investigation into current Fed Chair Jerome Powell. “Any Republican who claims to care about Fed independence should refuse to move forward with this nomination until Trump halts his ‘political witch hunt’ against current Chair Powell and Governor Lael Brainard,” she added. (Source: FXStreet)