- President Trump's nominee for Federal Reserve chair, Kevin Warsh, faces a Senate confirmation hearing as the president seeks to reshape the powerful economic institution.
- The president has pushed for criminal investigations into current chair Jerome Powell and demanded lower interest rates, despite a federal judge blocking an investigation into Powell.
- Democrat Sen. Elizabeth Warren urged the Senate Banking Committee to reject Warsh, warning that installing a “sock puppet” would invite “corruption and economic catastrophe.”
- Warsh, a former Morgan Stanley banker and Fed governor, is expected to affirm the Fed's independence, though the president has indicated he would be disappointed if Warsh doesn't immediately cut rates.
- Republican Sen. Thom Tillis opposes the president's nominee, stating he will withhold support until the Justice Department's investigation into Powell is dropped, calling it an attack on Fed independence.
IN FULL
