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Criminal Probe Threatens Fed Nominee
President Trump picked Kevin Warsh to lead the Federal Reserve. Warsh is 56 years old.
He is an economist and former Wall Street banker. He also once advised a president.
Warsh needs Senate approval before he can take the job. He was picked to replace Jerome Powell.
Powell's term ends on 15 May. But a criminal probe into the Federal Reserve could block Warsh's path.
The probe looks at a building project at Federal Reserve headquarters. It involves Powell directly.
Senator Thom Tillis has said he will block Warsh's approval until the probe is dropped. Powell has said he will stay on past 15 May if Warsh is not approved in time. Trump has threatened to fire Powell if that happens.
Klear Note — The Federal Reserve controls US interest rates and money supply. Senate must approve the Fed chair before they can start the job.
Key Terms 4
- Federal Reserve
- The US central bank that controls interest rates and money supply
- Senate confirmation
- A vote where senators approve or reject a president's pick
- criminal probe
- An official investigation into possible crimes
- Wall Street
- The center of US banking and finance in New York City