Fed chair nominee Warsh denies Trump pressure in Senate hearing

Speaking to the Senate Banking Committee, President Donald Trump’s nominee for the Federal Reserve Chair, Kevin Warsh, asserted that the central bank would remain independent from the White House under his leadership.

Warsh’s testimony came amid intense scrutiny regarding his ties to Trump and concerns about potential political interference in monetary policy. He argued that while he listens to elected leaders, their opinions do not endanger the Fed’s autonomy.

The hearing grew tense as Senator Ruben Gallego cited a Wall Street Journal report that said Trump pressed Warsh to support interest rate cuts. Warsh denied that any demands were made.

Previously known for his hawkish stance on inflation and support for rate hikes, Warsh has recently embraced rate reductions, a shift critics argue is designed to curry favor with Trump.

If confirmed, Warsh would become the wealthiest Fed chair in history. His financial disclosures revealed over $100 million in assets.