Senate Banking Committee leaders are split on President Donald Trump’s choice of Kevin Warsh to be the next chairman of the Federal Reserve, while a key Republican on the panel is standing firm on his plans to oppose any nomination until a legal action against the Fed is resolved.
Trump announced his decision to tap Warsh, a Fed governor from 2006 to 2011 as new Fed leader in a Truth Social post Friday. The reaction from the committee with jurisdiction over the nomination indicates there likely will be a clash over Warsh’s confirmation.
“The Federal Reserve’s decisions touch every American household, from mortgage rates to retirement savings, and President Trump has been clear that bringing accountability and credibility to the Federal Reserve is a priority, and his nomination of Kevin Warsh reflects that focus,” Senate Banking Chairman Tim Scott, R-S.C., said in a statement. “As a former Federal Reserve Governor, Kevin has deep knowledge of markets and monetary policy that will be essential in this role.”
