President Donald Trump said he doesn't care whether Jerome Powell remains as governor of the Federal Reserve if Kevin Warsh is confirmed as the body's next chair.
Speaking to press at the Oval Office, Trump said: "I don't care. I just wanted to make sure that Kevin became head." He went on to describe Powell's intention to continue being a member of the Federal Open Market Committee as "very unusual," but claimed he predicted he would because nobody would "hire him."
"The thing that angered me about him more than rates is that he could allow a building to cost billions more than it was supposed to," Trump added, saying he "could have renovated it for 25 million." "They are doing it for four and it's not even close to being open."
The Federal Reserve kept its interest rates unchanged on Wednesday in what could have been Powell's last meeting as the chair of the central bank.
Warsh, Powell's potential successor, had his nomination approved by the Senate Banking Committee, clearing a key hurdle for his confirmation.
The vote fell along party lines, with 13 Republicans voting in favor of it and 11 Democrats against the nomination. The GOP got enough votes to advance the nomination after Republican Senator Thom Tillis said he would support it following the Department of Justice's dropping of a criminal investigation on Powell.
Warsh's nomination is now expected to go to the Senate for a final confirmation vote in the Republican-controlled Upper House. He has faced scrutiny over concerns about his independence. A recent survey, conducted by CNBC showed that 46% of respondents believe he will only be somewhat independent or not independent at all.
Warsh was grilled by senators about his independence should he be confirmed in a hearing earlier this month, particularly considering Trump's demands that interest rates are cut soon to boost economic activity, as well as the stock market.
He claimed that Trump "never once asked me to commit to any particular interest rate decision, period, and nor would I ever agree to do so if he had."
The president, however, was asked last week if he would be disappointed if Warsh did not push for lower rates as soon as he joined the Fed. "I would," Trump said.
