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Trump says Warsh should face ‘no trouble’ in Fed confirmation.
President Donald Trump said Saturday that he expects his nominee to lead the Federal Reserve, Kevin Warsh, to move smoothly through the Senate confirmation process, predicting the former Fed governor could even attract support from Democrats despite mounting political tensions surrounding the central bank.
“He’s a very high-quality person. He should have no trouble getting through,” Trump told reporters aboard Air Force One, suggesting Warsh’s background and reputation would ease his path in the Senate.
“I think he might get Democrat votes. He’s so good that he will probably get Democrat votes. He should. He’s very good. My choice. My Fed choice. He should get Democrat votes,” the president added.
Trump announced Friday that he was nominating Warsh, a former member of the Federal Reserve Board of Governors, to succeed current Chair Jerome Powell once Powell’s term expires in May. Warsh served on the Fed board from 2006 to 2011 and was considered a finalist for the chairmanship during Trump’s first term before Powell was selected.
Asked about monetary policy, Trump said he hopes Warsh would lower interest rates, but stressed that no commitments were made during their discussions.
“I hope he’s going to lower them. I mean, if you watch him on television, you know, because I watch interviews and statements, I hope he’s going to lower them. But, you know, he’s going to have to do what he wants to do,” Trump said, echoing comments he made a day earlier in the Oval Office.
“No, no commitments. I don’t want to do that. I could do that, I guess, if I wanted. But I didn’t do it,” Trump said after being pressed by another reporter.
Warsh’s confirmation prospects remain uncertain as the Trump administration faces criticism over a Justice Department criminal probe involving the Federal Reserve and broader efforts that Democrats argue threaten the central bank’s independence.
Republican Sen. Thom Tillis of North Carolina has said he will oppose all Federal Reserve nominees until the Justice Department ends its investigation into Powell.
“My position has not changed, I will oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved,” Tillis wrote on social media Friday. Tillis is not seeking re-election.
Trump suggested he is prepared to wait out Tillis’s opposition.
“I mean, he’s leaving the Senate for a reason because what he asked for didn’t get done, so it’s one of those things,” Trump said.
