Senate Banking Committee Delays Hearing for Fed Chair Nominee Kevin Warsh
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The Senate Banking Committee has postponed the confirmation hearing for Federal Reserve chair nominee Kevin Warsh, originally scheduled for April 16, due to incomplete paperwork and ongoing political challenges.
The Senate Banking Committee has postponed the confirmation hearing for Federal Reserve chair nominee Kevin Warsh, which was initially set for April 16. A person familiar with the matter indicated that the hearing is still expected soon, though no new date has been announced. The delay is attributed to the committee's requirement for a week's notice before holding a hearing and the need to collect necessary paperwork from the nominee, including financial disclosures. As of now, the committee has not received Warsh's paperwork.
Warsh's financial disclosures are anticipated to be particularly complex. He is married to Jane Lauder, an heir to the Estée Lauder cosmetics fortune, whose net worth is estimated at $1.9 billion. In 2006, during his previous nomination to the Federal Reserve Board, Warsh's financial disclosures listed nearly 1,200 assets, the majority of which were held by his wife.
President Donald Trump announced Warsh's nomination in January to succeed Jerome Powell as Federal Reserve chair. Powell's term is set to expire on May 15. National Economic Council Director Kevin Hassett expressed confidence that Warsh will be confirmed by then, stating he is "highly confident" that Warsh will be in place by the end of Powell's term.
However, the confirmation process faces political hurdles. Senator Thom Tillis, a Republican from North Carolina and member of the Senate Banking Committee, has stated he will oppose any Federal Reserve nominee until the Department of Justice concludes its criminal investigation into current Chair Jerome Powell. Tillis and Powell have described the investigation as a politically motivated effort to undermine the Fed's independence.
U.S. Attorney for the District of Columbia Jeanine Pirro has indicated plans to proceed with the investigation, leaving the timeline for Warsh's confirmation uncertain.