Warsh nomination moves ahead, putting Trump's competing Fed plans on a collision course
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A Senate committee will consider Kevin Warsh's nomination even as one of its members still plans to block it.
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The Senate Banking Committee will hold a nomination hearing on April 16 for Kevin Warsh to be the next chair of the Federal Reserve , a person familiar with the matter told CNBC. Warsh's nomination is moving ahead even as a separate criminal probe into the Fed continues, setting up a potential clash between the two parallel processes set in motion by the Trump administration. Banking Committee member Sen. Thom Tillis, R.-N.C. has said he won't vote to confirm Warsh until the probe is resolved. Yet President Donald Trump is eager to get Warsh confirmed. Tillis's opposition means Trump can't do both. But by moving ahead with the hearing, he is trying to anyway. The committee hasn't yet put the hearing on its public schedule. Warsh and a spokesman for the Senate Banking Committee declined to comment. Read more CNBC politics coverage U.S. fighter jet shot down in Iran, one crew member rescued: MS NOW Trump calls for huge increase in defense spending, domestic spending cuts Trump tariff fallout: Some industries grapple with effects one year later Trump threatens to destroy Iranian infrastructure Army chief of staff fired by Hegseth, Reuters Tiger Woods called Trump after DUI crash, he told cop on bodycam video Warner, Schiff probe potential insider trading in government Trump's White House ballroom gets approval after judge's halt order Trump fires Attorney General Pam Bondi Grocery shock on the horizon as U.S. midterm elections approach Politico earlier reported that the committee had scheduled the hearing. The criminal probe is looking into allegations that Jerome Powell , the current Fed chair, lied to Congress about the state of expensive renovations to the Fed's offices. Powell has denounced the probe as a pretext to pressure him into lowering interest rates, as Trump has demanded. Congress tasked the Fed with setting interest rates independent of political considerations. Central banks that act independently generally do better at fighting inflation. The risk of re...
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