00:00Democrats on the Senate Banking Committee are urging Chair Tim Scott to delay consideration of Kevin Warsh's nomination to lead the Federal Reserve until Justice Department investigations into current chair Jerome Powell and Governor Lisa Cook are completed.
00:15The DOJ is probing Powell over alleged cost overruns tied to the agency's headquarters renovation and Cook over claims of mortgage fraud, while President Donald Trump has nominated Warsh to succeed Powell in May.
00:28With all Democrats opposed and at least one Republican vowing to block Fed nominees, the committee is effectively deadlocked, putting Warsh's confirmation on hold.
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