Key Senators Respond to Kevin Warsh’s Nomination as Fed Chair
President Donald Trump announces Kevin Warsh as his pick for new Federal Reserve chairman in a Truth Social post.
On Friday, President Donald Trump nominated Kevin Warsh to be the next chairman of the Federal Reserve. This nomination sets the stage for a potentially contentious confirmation process in the Senate.
Warsh, 55, previously served on the Federal Reserve Board of Governors from 2006 to 2011. He was also considered for the Fed chair position when Trump nominated Jerome Powell in 2017. Powell was confirmed with bipartisan support the following year and was reappointed during the Biden administration in 2022. However, his term is set to expire in May. Trump has been vocal in his criticism of Powell, particularly for not lowering interest rates, and has expressed a desire for the Fed to consider his views in monetary policy decisions.
Recently, the Department of Justice initiated a criminal inquiry into whether Powell misled Congress regarding the Fed’s expensive renovation of its Washington, D.C. headquarters. This investigation has led key Republican senators to rally in support of Powell and emphasize the importance of the Fed’s independence.
Former Federal Reserve Governor Kevin Warsh was nominated as the successor to outgoing Fed Chair Jerome Powell. (Tierney L. Cross/Bloomberg via Getty Images)
TRUMP NOMINATES KEVIN WARSH TO SUCCEED JEROME POWELL AS FEDERAL RESERVE CHAIR
One GOP senator has pledged to block any Fed nomination in the Senate Banking Committee unless the DOJ investigation into Powell is dropped. This senator reiterated their stance following Warsh’s nomination, citing concerns about political influence on monetary policy. Here’s how key senators are reacting:
Senate Banking Chair Tim Scott, R-S.C.
Scott chairs the Senate Banking Committee and said there will be a timely confirmation process for Warsh’s nomination. (Photo by Justin Sullivan/Getty Images)
“The Federal Reserve’s decisions touch every American household, from mortgage rates to retirement savings,” Scott stated. “The President has made it clear that accountability and credibility at the Federal Reserve are priorities. Kevin Warsh’s nomination reflects that focus.”
He emphasized Warsh’s extensive knowledge of markets and monetary policy, stating, “Federal Reserve independence remains paramount, and I am confident that Kevin will work to instill confidence and credibility in the Fed’s monetary policy.” Scott also assured a “thoughtful and timely confirmation process” that will scrutinize Warsh’s vision for the Federal Reserve’s core mission.
JEROME POWELL OFFERS ADVICE FOR NEXT FED CHAIR, ADDRESSES HIS FUTURE AT CENTRAL BANK
Senate Banking Ranking Member Elizabeth Warren, D-Mass.
Warren criticized Warsh over his role at the Fed during the 2008 financial crisis. (Chip Somodevilla/Getty Images / Getty Images)
Warren expressed her disapproval, stating, “Donald Trump said anyone who disagrees with him will never be Fed Chair. Kevin Warsh, who prioritized Wall Street over millions of unemployed Americans during the 2008 crash, has evidently passed the loyalty test.”
She further criticized Republican senators for their stance on Fed independence, asserting, “No Republican can claim to care about Fed independence while Trump continues his witch hunts against current Fed Chair Jerome Powell and Governor Lisa Cook.”
GOP SENATOR VOWS TO BLOCK TRUMP’S FED CHAIR PICK UNLESS POWELL PROBE IS DROPPED
Sen. Thom Tillis, R-N.C.
Tillis vowed to block Fed nominees in committee over the DOJ’s criminal probe of Powell’s testimony. (Kevin Dietsch/Getty Images)
Tillis acknowledged Warsh’s qualifications but expressed concern over the DOJ’s ongoing investigation into Powell. “Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable,” he stated. “I will oppose the confirmation of any Federal Reserve nominee until the DOJ’s inquiry into Chairman Powell is fully resolved.”
In response, Trump labeled Tillis an “obstructionist,” suggesting that if he does not approve Warsh’s nomination, they would simply wait for someone who would.
TRUMP CALLS FOR ‘JERK’ POWELL TO LOWER INTEREST RATES AFTER LATEST INFLATION DATA
Sen. Cynthia Lummis, R-Wyo.
Lummis previously expressed skepticism over the DOJ’s Powell inquiry. (Nathan Posner/Anadolu via Getty Images)
Lummis expressed her support for Warsh, stating, “Now more than ever, we need a Federal Reserve that embraces digital assets and financial innovation.” She applauded Trump’s decision and looks forward to hearing Warsh’s plans for reforms that would enhance the Fed’s transparency and accountability to Congress.
Sen. Dave McCormick, R-Pa.
McCormick (center) is a member of the Senate Banking Committee and previously criticized the DOJ’s Powell inquiry. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
McCormick praised Trump’s nomination of Warsh, stating, “Kevin has been a friend and colleague for almost 30 years. He is exactly who we need to fulfill the Fed’s mandate of monetary policy that keeps inflation in check while unlocking growth, new jobs, and opportunity.” He assured Pennsylvanians that this choice would bring common sense and steady leadership to the Federal Reserve.
President Donald Trump announces Kevin Warsh as his pick for new Federal Reserve chairman in a Truth Social post.
On Friday, President Donald Trump nominated Kevin Warsh to be the next chairman of the Federal Reserve. This nomination sets the stage for a potentially contentious confirmation process in the Senate.
Warsh, 55, previously served on the Federal Reserve Board of Governors from 2006 to 2011. He was also considered for the Fed chair position when Trump nominated Jerome Powell in 2017. Powell was confirmed with bipartisan support the following year and was reappointed during the Biden administration in 2022. However, his term is set to expire in May. Trump has been vocal in his criticism of Powell, particularly for not lowering interest rates, and has expressed a desire for the Fed to consider his views in monetary policy decisions.
Recently, the Department of Justice initiated a criminal inquiry into whether Powell misled Congress regarding the Fed’s expensive renovation of its Washington, D.C. headquarters. This investigation has led key Republican senators to rally in support of Powell and emphasize the importance of the Fed’s independence.
Former Federal Reserve Governor Kevin Warsh was nominated as the successor to outgoing Fed Chair Jerome Powell. (Tierney L. Cross/Bloomberg via Getty Images)
TRUMP NOMINATES KEVIN WARSH TO SUCCEED JEROME POWELL AS FEDERAL RESERVE CHAIR
One GOP senator has pledged to block any Fed nomination in the Senate Banking Committee unless the DOJ investigation into Powell is dropped. This senator reiterated their stance following Warsh’s nomination, citing concerns about political influence on monetary policy. Here’s how key senators are reacting:
Senate Banking Chair Tim Scott, R-S.C.
Scott chairs the Senate Banking Committee and said there will be a timely confirmation process for Warsh’s nomination. (Photo by Justin Sullivan/Getty Images)
“The Federal Reserve’s decisions touch every American household, from mortgage rates to retirement savings,” Scott stated. “The President has made it clear that accountability and credibility at the Federal Reserve are priorities. Kevin Warsh’s nomination reflects that focus.”
He emphasized Warsh’s extensive knowledge of markets and monetary policy, stating, “Federal Reserve independence remains paramount, and I am confident that Kevin will work to instill confidence and credibility in the Fed’s monetary policy.” Scott also assured a “thoughtful and timely confirmation process” that will scrutinize Warsh’s vision for the Federal Reserve’s core mission.
JEROME POWELL OFFERS ADVICE FOR NEXT FED CHAIR, ADDRESSES HIS FUTURE AT CENTRAL BANK
Senate Banking Ranking Member Elizabeth Warren, D-Mass.
Warren criticized Warsh over his role at the Fed during the 2008 financial crisis. (Chip Somodevilla/Getty Images / Getty Images)
Warren expressed her disapproval, stating, “Donald Trump said anyone who disagrees with him will never be Fed Chair. Kevin Warsh, who prioritized Wall Street over millions of unemployed Americans during the 2008 crash, has evidently passed the loyalty test.”
She further criticized Republican senators for their stance on Fed independence, asserting, “No Republican can claim to care about Fed independence while Trump continues his witch hunts against current Fed Chair Jerome Powell and Governor Lisa Cook.”
GOP SENATOR VOWS TO BLOCK TRUMP’S FED CHAIR PICK UNLESS POWELL PROBE IS DROPPED
Sen. Thom Tillis, R-N.C.
Tillis vowed to block Fed nominees in committee over the DOJ’s criminal probe of Powell’s testimony. (Kevin Dietsch/Getty Images)
Tillis acknowledged Warsh’s qualifications but expressed concern over the DOJ’s ongoing investigation into Powell. “Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable,” he stated. “I will oppose the confirmation of any Federal Reserve nominee until the DOJ’s inquiry into Chairman Powell is fully resolved.”
In response, Trump labeled Tillis an “obstructionist,” suggesting that if he does not approve Warsh’s nomination, they would simply wait for someone who would.
TRUMP CALLS FOR ‘JERK’ POWELL TO LOWER INTEREST RATES AFTER LATEST INFLATION DATA
Sen. Cynthia Lummis, R-Wyo.
Lummis previously expressed skepticism over the DOJ’s Powell inquiry. (Nathan Posner/Anadolu via Getty Images)
Lummis expressed her support for Warsh, stating, “Now more than ever, we need a Federal Reserve that embraces digital assets and financial innovation.” She applauded Trump’s decision and looks forward to hearing Warsh’s plans for reforms that would enhance the Fed’s transparency and accountability to Congress.
Sen. Dave McCormick, R-Pa.
McCormick (center) is a member of the Senate Banking Committee and previously criticized the DOJ’s Powell inquiry. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
McCormick praised Trump’s nomination of Warsh, stating, “Kevin has been a friend and colleague for almost 30 years. He is exactly who we need to fulfill the Fed’s mandate of monetary policy that keeps inflation in check while unlocking growth, new jobs, and opportunity.” He assured Pennsylvanians that this choice would bring common sense and steady leadership to the Federal Reserve.
