Trump's Fed Pick Dodges Asset Questions
Kevin Warsh is Trump's pick to lead the Federal Reserve. He faced a Senate Banking Committee hearing on Tuesday.
During the hearing Warsh declined to answer questions about his money and assets. His known assets are worth roughly $135 million to $226 million.
About $100 million of that has no details listed. Warsh also faces a block from Republican Senator Thom Tillis.
Tillis has vowed to stop the nomination until the Department of Justice drops a criminal case. That case involves cost overruns on the Federal Reserve's building work.
Republicans hold only a 12-10 edge on the Senate Banking Committee. Tillis alone could stop the confirmation from moving forward.
Klear Note — The Federal Reserve controls US interest rates and money supply. The Senate must approve the Fed chair. This job is one of the most powerful in finance.
Key Terms 5
- Federal Reserve The US central bank that controls interest rates and money supply
- Senate Banking Committee A group of senators who review financial and banking matters
- confirmation hearing A meeting where senators question someone before approving their new role
- cost overruns When a project costs more money than planned
- nomination When someone is officially put forward for an important job