Senate vote to confirm Kevin Warsh as Fed Chair scheduled for next week
An expected confirmation vote for Kevin Warsh to become the next Federal Reserve chair is scheduled for Wednesday, April 29, per a notice from the Senate Banking Committee. Senator Thom Tillis, a Republican from North Carolina and a member of the committee, has said he will place a hold on the nomination until the White House completes its examination into the current Fed chair. The Department of Justice has dropped its investigation into Jerome Powell, clearing the way for Warsh’s nomination, after which President Trump claimed the Fed building renovations would cost $4 billion, though the project’s cost had been reported at about $2.5 billion and Trump suggested powell might profit from it. U.S.Attorney for the District of Columbia Jeanine Pirro said the Inspector General will take up an inquiry into the spending, arguing that the IG has the authority to hold the Fed accountable to taxpayers and promising a swift, complete report, with the DOJ reopening the case if the IG’s findings justify it. After the proclamation, Senator Elizabeth Warren criticized the DOJ’s decision as not adequately protecting Fed independence, accusing Republicans of either being easily fooled or trying to mislead the public, while noting an ongoing probe into Governor Lisa Cook. A separate piece on Warsh’s confirmation hearing highlights Warren’s remark that Trump’s spokeswoman said the investigation “still continues,” and she argued that no Republican who truly cares about Fed independence should back warsh, whom she described as Trump’s sock puppet. Warsh’s confirmation is expected to pass, and Tillis had previously said he would vote for him once the investigation was dropped.
Kevin Warsh’s confirmation vote to be the next Federal Reserve chairman is scheduled for Wednesday, April 29, according to a Senate banking committee notice.
Sen. Thom Tillis (R-NC), a member of the Senate Banking, Housing, and Urban Affairs Committee, previously said he would place a hold on any nomination until the White House ends its investigation into the current chairman.
DOJ DROPS INVESTIGATION INTO JEROME POWELL, CLEARING WAY FOR TRUMP FED PICK KEVIN WARSH
The DOJ had been investigating Powell over spending related to the Federal Reserve building renovations. The renovation cost has increased to an expected $2.5 billion. President Donald Trump has incorrectly claimed the cost to be $4 billion, suggesting that Powell is profiting off the project.
“Did the contractor make three and a half billion dollars? … I can’t imagine that ‘Too Late’ is taking money on construction. I can’t. But it’s possible,” Trump said, referring to Powell by his nickname for the Fed chair, during a CNBC interview. “But we have to find out.”
In the announcement that the DOJ investigation was dropped, U.S. Attorney for the District of Columbia Jeanine Pirro said the Inspector General’s office would be taking up an inquiry into the spending.
“The IG has the authority to hold the Federal Reserve accountable to American taxpayers. I expect a comprehensive report in short order and am confident the outcome will assist in resolving, once and for all, the questions that led this office to issue subpoenas,” Pirro wrote.
She also said the DOJ will restart the investigation if the IG’s report offers information justifying it.
After the announcement that the confirmation vote was scheduled, Sen. Elizabeth Warren (D-MA) said the DOJ’s dropping of the case didn’t do enough to endure the Fed’s independence.
“Either the Republican majority is fooled easily or they are hoping to fool the American people. The Department of Justice threatened to restart the investigation into Fed Chair Powell at any time while continuing its probe against Governor Lisa Cook,” Warren, ranking member of the Senate banking committee, wrote.
TAKEAWAYS FROM KEVIN WARSH’S FED CONFIRMATION HEARING
“Just today, Trump’s spokeswoman said the investigation ‘still continues.’ No Republican claiming to care about Fed independence should support moving forward the nomination of Kevin Warsh, who proved in his nomination hearing to be nothing more than President Trump’s sock puppet,” she continued.
Warsh’s confirmation is expected to pass. Tillis previously said he would vote for him after the investigation was dropped.
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