President Trump Nominates Kevin Warsh as Federal Reserve Chair
President Donald Trump has nominated Kevin Warsh to be the next Federal Reserve chair, as announced on Truth Social. Trump expressed confidence in Warsh, stating that he believes Warsh will be one of the greatest Fed Chairmen in history.
The nomination of Warsh comes after months of speculation about who would succeed Jerome Powell as Fed chair. Warsh, who previously served as a Fed governor from 2006 to 2011, was a candidate for the position in 2017 but was passed over in favor of Powell.
Pressure on Jerome Powell
Since Powell’s tenure as Fed chair, he has faced relentless pressure from President Trump. Trump has repeatedly called for lower interest rates and even debated firing Powell. The administration criticized an over-budget renovation of two Fed buildings and the Justice Department’s investigation into Powell’s testimony.
Warsh’s nomination for the Fed chairmanship will require confirmation by the Senate. However, some Republican senators have expressed concerns about the DOJ’s probe of Powell, likening it to coercion.
Political Reactions
Senator Thom Tillis has stated that he will oppose the confirmation of any Fed nominee until the legal matter involving Powell is resolved. Senator Elizabeth Warren called Warsh’s nomination an attempt by Trump to seize control of the Fed.
Despite these objections, Republican leaders in Congress have voiced their support for Warsh’s nomination, emphasizing the importance of Federal Reserve independence.
Support for Warsh
Senator Tim Scott praised President Trump’s choice of Warsh, highlighting the need for accountability and credibility at the Federal Reserve. Representative French Hill also expressed support for Warsh, citing his understanding of the Fed’s responsibilities.
Overall, Warsh’s nomination has sparked debate and scrutiny, with various political figures weighing in on the implications of his potential appointment as Fed chair.
Source: Here
