Kevin Warsh Faces Senate Confirmation Hearing as Trump Reshapes Federal Reserve
Trump's nominee Kevin Warsh appeared before a Senate committee for his confirmation hearing as Fed chair, with Republicans casting him as a reformer ready to overhaul the central bank. The confirmation could reshape monetary policy if the Senate approves him before the summer.
Reformer or Radical Restructure?
At Kevin Warsh's Fed confirmation hearing today, Republicans will cast him as a change agent ready to shake up a tradition-bound institution. In remarks introducing Warsh obtained by Axios, Sen. Dave McCormick (R-Pa.) will say the onetime Fed governor "brings a reformer's heart" and "will shake up a stagnant institution at a time when change is sorely needed."
High Stakes for Trump Administration
President Trump is fighting to reshape the Federal Reserve by replacing Chair Jerome Powell with Kevin Warsh — but if the Senate doesn't confirm Warsh by next month, it's not clear who will run the nation's central bank.
Implications for Monetary Policy
It could take months for U.S. gas prices to recede to their level before the outbreak of war in Iran, economists and energy experts say. The Warsh confirmation could impact how the Fed addresses inflation and energy costs going forward.