Kevin Warsh’s Fed chair nomination delayed as Senate hearing is pushed past next week
The nomination hearing for Kevin Warsh, President Trump’s choice to replace Jerome Powell at the Federal Reserve, has been postponed from its original date of April 16, according to a source familiar with the situation.
A new hearing date has not been set yet as the Senate Banking Committee is still awaiting Warsh’s paperwork.
The committee requires a week’s notice before holding the hearing, so it needed to receive Warsh’s filings by midnight Thursday to proceed as planned.
According to the source, the delay is due to a “paperwork issue” similar to what Securities and Exchange Commission Chair Paul Atkins faced, as both Atkins and Warsh have intricate financial disclosures because of their substantial net worths.
Punchbowl News previously reported the hearing delay.
Warsh is married to billionaire Estée Lauder heiress Jane Lauder, whose net worth is approximately $1.9 billion, as per Forbes.
When he was nominated for a six-year term as a Fed governor in 2006, his financial disclosures revealed nearly 1,200 assets, mostly held by his wife.
After leaving the Fed in 2011, Warsh spent 15 years at billionaire investor Stanley Druckenmiller’s family office, the Duquesne Family Office.
Despite expressing to Trump that he believes interest rates should be lower, Warsh advocated for higher rates during his tenure and is commonly seen as an inflation hawk.
Trump announced Warsh as his choice to lead the Fed in January after repeatedly pressuring Powell to reduce rates more quickly, criticizing him as “stupid” and “hardheaded.”
However, Warsh’s confirmation has hit obstacles related to the government’s probe into Powell and the Fed’s exceeding budget for renovating its headquarters.
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