

Kevin Warsh, the 56-year-old former Federal Reserve governor, was in the hot seat for his Senate Banking Committee confirmation hearing and said his Fed would be independent from the White House. Warsh fielded questions on issues ranging from his views on monetary policy to his sprawling and complex personal finances to his ties to the Trump White House. He would become the wealthiest Fed chair if confirmed. Questions about the Fed’s long-cherished independence have dominated the discourse surrounding the central bank during President Donald Trump’s second term. Warsh gave a qualified endorsement of Fed independence — but noted he doesn’t believe that dynamic is endangered when the central bank’s actions are questioned by elected leaders.
Trump, who originally nominated Jerome Powell for Fed chair during his first term in 2017, has waged a long-term campaign to try to browbeat the central bank leader into hastily slashing interest rates. Powell in recent months has been embroiled in a Department of Justice criminal probe after refusing to acquiesce to Trump’s demands. Trump told CNBC’s “Squawk Box” early Tuesday that he doesn’t plan to pressure the DOJ to wrap up that probe.
Source: CNBC
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