HUNT VALLEY, Md. (TNND) — Treasury Secretary Scott Bessent announced Friday that the Senate will begin proceedings to confirm Kevin Warsh as chair of the Federal Reserve.
Bessent said during an interview on CNBC’s “Squawk Box” that he reached an agreement with Republican senators to hold hearings for Warsh. Senator Thom Tillis, a North Carolina Republican, has committed to blocking Warsh’s confirmation until the Department of Justice (DOJ) ends an investigation into current Chair Jerome Powell.
“My understanding is that we are going to proceed with the hearing,” Bessent said. “Senator Tillis wants to keep a hold on any vote with Kevin Warsh leaving committee, making it to the full Senate, but I think it’s important to get the hearings underway, and I think we have an agreement to do that.”
The Senate banking committee will need to approve Warsh before the full Senate considers him. Tillis can block his advancement if all Democrats vote against the nominee.
The North Carolina lawmaker has said he will oppose Warsh until the DOJ ends its probe into Powell, whose resignation has been demanded by President Donald Trump. Washington, D.C.’s federal prosecutor confirmed last month that she was looking into cost overruns in renovations to the Federal Reserve’s headquarters.
Tillis, along with other Republicans and many Democrats, called the investigation an attempt to intimidate Powell into lowering interest rates to levels desired by the president. Trump has tried to influence the policy of the Federal Reserve, an independent agency, over the past year.
“Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable,” Tillis said last month. “My position has not changed: I will oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved.”
Bessent claimed during his interview that the administration has no influence on the D.C. prosecutor’s activities. He called Powell incompetent and in charge of an over-budget and “out-of-control” project.
Trump has previously targeted his political opponents, and the DOJ has sought indictments of officials who have sparred with the president. Former FBI Director James Comey and New York Attorney General Letitia James were both indicted last year, although their charges were later dismissed.
On Tuesday, federal prosecutors failed to charge a group of Democratic lawmakers who encouraged members of the military to refuse illegal orders. Trump had expressed support for killing the legislators.
Have questions, concerns or tips? Send them to Ray at rjlewis@sbgtv.com.
National Headline
