Free Republic

Kevin Warsh was confirmed as the next Federal Reserve chairman on Wednesday — even as surging inflation has begun to box the central bank into one of its toughest corners in years. The Senate on Wednesday voted 54-45 to elevate President Trump’s pick to Fed chairman, with Sen. John Fetterman (D-Pa.) the only Democrat to cast a vote in his favor. A day earlier, lawmakers approved Warsh to a 14-year term on the Fed’s Board of Governors in a narrow 51-45 vote. Warsh is expected to replace outgoing Chair Jerome Powell by the end of the week — inheriting an...

Kevin Warsh took another step towards becoming Federal Reserve chair on Tuesday, clearing a key Senate vote that puts him on the central bank Board of Governors. The upper chamber voted to approve Warsh’s nomination by a 51-45 vote, on a mostly party-line basis. Only Sen. John Fetterman, D-Pa., crossed lines to vote for President Donald Trump’s pick. Next up for the nominee, who sat on the board previously, is the vote to be chair, which is expected Wednesday.

For months, Kevin Warsh’s path to the Federal Reserve chairmanship ran straight through one Republican senator who refused to budge: Thom Tillis of North Carolina. Tillis had made clear he would block Warsh’s confirmation until the Justice Department dropped what he called an illegitimate criminal probe of current Fed Chair Jerome Powell. On Friday, the DOJ dropped it. On Sunday, Tillis dropped his block. The Senate Banking Committee is now expected to vote Wednesday on Warsh’s nomination. A floor vote could follow before Powell’s term as chair expires on May 15. Tillis had made his position clear since January, when...

President Donald Trump on Friday formally nominated former Federal Reserve governor Kevin Warsh to succeed Jerome Powell as chair of the U.S. central bank, bringing a turbulent and politically charged transition at the Fed closer to resolution. The decision concludes a months-long search process that unfolded amid extraordinary pressure on the Federal Reserve, rising concerns over inflation persistence, and growing debate about the future independence of the central bank. Trump announced the nomination in a Truth Social post, praising Warsh as a steady and capable choice during a volatile period for monetary policy. “I have known Kevin for a long...

Gold and silver prices plunged on Friday, as President Donald Trump’s nomination for the next chair of the Federal Reserve, Kevin Warsh, appeared to relieve concerns about the central bank’s independence. By 7:12 a.m. ET, spot silver was down 10.6% to settle at around $103.81 an ounce, paring back earlier losses. In the early hours of the morning, the metal had plummeted as much as 16% and dipped below the $100 milestone.

Sen. Thom Tillis said Friday that he will oppose President Donald Trump’s nomination of Kevin Warsh as Federal Reserve chair until the criminal probe of the current Chair Jerome Powell is “fully” resolved. “Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable,” the North Carolina Republican said in a statement on X. Tillis, who is set to retire, vowed earlier this month to oppose any new nominee for the Fed until the Department of Justice’s controversial investigation of Powell is completed. Tillis is a member of the Senate Banking, Housing, and Urban Affairs Committee,...

Former Federal Reserve Governor Kevin Warsh soared ahead of National Economic Council Director Kevin Hassett on prediction markets betting on the next Fed chair after President Trump on Friday hinted that Hassett might be out of the running. Trump did not reveal his final choice to replace Fed Chairman Jerome Powell, but said he would like to keep Hassett in his current role. “I see Kevin’s in the audience, and I just want to thank you. You were fantastic on television today,” the president said during remarks at the White House on Friday. “I actually want to keep you where...