Kevin Warsh’s confirmation hearing has started, and we’ll bring you the latest lines as it gets under way.
The Senate banking committee’s chair, Republican Tim Scott, kicked off his opening remarks by underscoring the importance of the central bank, and the role of its chair.
“Monetary policy choices made at the Federal Reserve can affect the Americans ability to buy groceries, whether or not they can afford a home, how far their paycheck goes, especially at the end of the month,” Scott said.
He noted that, under the Biden administration, the Federal Reserve “appeared to move with the political winds, raising real concerns about politics and weaponizing on the most powerful weapons we have for good”.
However, since Donald Trump returned to office, he’s instigated a feud with the current chair, Jerome Powell. The president has routinely slammed Powell for refusing to cut interest rates at his insistence. He’s also pushed a criminal investigation into Powell for alleged mismanagement of Federal Reserve renovations.
