What to look for in Kevin Warsh's big day on Capitol Hill
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The Bottom Line
Kevin Warsh's Fed confirmation hearing will feature Republicans portraying him as a change agent and Democrats focusing on conflicts of interest.
AI Summary
Kevin Warsh is undergoing his Federal Reserve confirmation hearing today, where Republicans, including Sen. Dave McCormick (R-Pa.), are presenting him as a reformer ready to shake up the institution. Democrats on the Senate Banking Committee plan to question Warsh on potential conflicts of interest due to his extensive investment portfolio and his independence from President Trump. His nomination is broadly supported by Republicans but opposed by Democrats, making it a partisan affair. Republicans have the votes to confirm Warsh, but Sen. Thom Tillis has pledged to block his passage through the banking committee until a Justice Department investigation into current Fed Chair Jerome Powell is dropped. This investigation is seen by Tillis and others as a pretext to pressure Powell over monetary policy, with Powell's term ending May 15.
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Kevin Warsh is undergoing a Fed confirmation hearing on Capitol Hill.
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