00:00 Speaker A
Senator Tom Tillis set to meet this week with Kevin Warsh, the next nominee to be the Federal Reserve chair, as other members of the Senate Banking Committee are also expected to meet with Tillis. Last week, the president formally putting forth his nomination of Warsh to be the next chair of the Federal Reserve. As you said, Tillis has vowed to block the nomination until a criminal probe into Fed Chair Jay Powell is resolved.
00:34 Speaker A
Uh, Tillis views that as an assault on the Central Bank’s independence. And of course, Powell has called that criminal investigation politics essentially, a difference of opinion between what the Central Bank has done and what President Trump is doing. However, Tillis is still supportive of Warsh and he has called him a great pick to be the next Federal Reserve chair.
01:03 Speaker A
So, the two are are not mutually exclusive if you will. It’s clear that the Senate is continuing to move forward with the nomination process at this point, and we still have time before May 15th, when Fed Chair Powell’s term expires. So there is still time for this criminal probe to be resolved and for a nomination hearing to be had and for Warsh’s confirmation nomination. So I see this as the Senate starting to move forward as perhaps Till is also keeping an eye on what happens and how this criminal investigation unfolds.