The Senate hearing to consider President Trump’s nomination of Kevin Warsh to become the next Federal Reserve chairman has been indefinitely delayed.
CNBC, sourcing its coverage from unnamed “people familiar with the matter,” reports the Senate Banking Committee has yet to receive requested paperwork from Warsh including financial disclosures. The committee was planning to begin its hearing on April 16, but under its rules it requires at least one week’s notice before a hearing is officially announced.
Warsh is married to Estée Lauder cosmetics heir Jane Lauder, whose net worth is estimated by Forbes at $1.9 billion. When Warsh was nominated for a previous tenure at the Fed in 2006, he listed nearly 1,200 assets, with most being held by his wife. After leaving the Fed in 2011, Warsh worked for investor Stanley Druckenmiller’s family office, where he led venture investments into technology companies.
Fed Chairman Jerome Powell’s term expires on May 15. However, Sen. Thom Tillis (R-NC) has vowed to prevent Warsh’s confirmation unless the Department of Justice drops its investigation into Powell and the central bank regarding renovation cost overruns on the Fed’s headquarters. Jeanine Pirro, the US Attorney behind the investigation, has vowed to press on with the probe despite a federal judge’s order blocking her subpoenas of Powell and the Fed.
Sounds like Warsh is not taking this position seriously enough or he would’ve turned over his financials. And why is that senator wanting to stop the investigation? You would think anyone would want to investigate. The major cost overruns Sounds a little fishy.
You know very well that Trump’s prosecution of Powell has to do with Powell’s refusal to yield to Trump’s demand to lower the Fed’s interest rate. Powell is right to reject the President’s interference with an independent Fed. When Trump withdraws his lawsuit, Warsh’s nomination will be considered.
Powell’s decision to not lower interest rates was disputed on many sides and who am I to say except that his refusal from my economic background was not very well substantiated. A loss for some business expansions, etc.