00:00So the Fed has been plagued by deeply disturbing ethics scandals in recent years involving at least six Fed officials.
00:09So it's critical that the next chair have no financial conflicts, none.
00:14You have more than $100 million in investments that you have refused to disclose to ethics officials and to the
00:22public.
00:22So let me ask, do the Juggernaut Fund or the THSDFS LLC invest in any companies affiliated with President Trump
00:34or his family, companies that have facilitated money laundering, Chinese-controlled companies, or financing vehicles established by Jeffrey Epstein?
00:47Senator Warren, thank you.
00:48So let me first share a point of agreement with you.
00:52The Fed has two tools.
00:55One is its monetary policy, and the second is its credibility.
00:58And the scandals that you talked about, the ethics problems you talked about, went to the core of the credibility
01:05that has hurt the Fed.
01:05Could you answer my question, please?
01:07I ask.
01:07You have $100 million in undisclosed assets.
01:11And what I'm asking is, are any of those with this outfit that invests in companies affiliated with President Trump
01:21or his family, companies that have facilitated money laundering, Chinese-controlled companies, or financing vehicles set up by Jeffrey Epstein?
01:30It's a yes or no question.
01:31Senator, I've worked tirelessly with the ethics officials at the Office of Government Ethics.
01:36Yes, and you have not revealed $100 million in assets.
01:39And have agreed, Senator, to sell all of my financial assets, including the Duquesne assets.
01:46Are you asking to tell us if you have investments, for example, in vehicles set up to advance Jeffrey Epstein?
01:55Is that what you're telling us?
01:56You just won't tell us?
01:57Senator, what I'm telling you is that those assets that you represent as juggernaut will be sold if I'm confirmed
02:04before I take office and sign the oath of office.
02:06Let me follow up on that.
02:08Will you at least disclose how you plan to disclose and divest these secret assets?
02:15I'm sure you understand that the public might question your motives if, for example, billionaire Stanley Druckenmiller, who you honored
02:24in your opening statement, and who makes a living guessing what the Fed will do next,
02:30cuts you a massive check for $100 million as you take the oath of office to become the new Federal
02:38Reserve Chair?
02:39Senator, as you know, it sounds like your fight might not be with me, but the Office of Government Ethics,
02:45I have come to full agreement with them and have agreed to divest all of those assets.
02:51I'm asking you a very straightforward question, Mr. Walsh, and that is, will you disclose how you divest those assets,
03:00or will you just collect a check for $100 million from someone whose whole business is betting on what the
03:07Fed will do?
03:08As I said to the ethics officials at the Federal Reserve and the Office of Government Ethics, can we agree?
03:14I'll take that as it always will.
03:15I would be redeeming my assets before I take office.
03:17So Donald Trump has made clear that he does not want an independent Fed.
03:20In fact, he has said, and I quote, anybody that disagrees with me will never be Fed chairman.
03:27And he's made clear that you are his sock puppet, saying last week that interest rates will drop, quote, when
03:33Kevin gets in.
03:35Yeah, I think they do.
03:36Not when economic conditions change, we'll get lower rates.
03:40Not when the economy needs it.
03:42Nope.
03:42He said, when my guy, Kevin Walsh, is in there, we'll get the interest rates that I, Donald Trump, wants.
03:50So independence takes courage.
03:52Let's check out your independence and your courage.
03:55We'll start easy.
03:56Mr. Walsh, did Donald Trump lose the 2020 election?
04:01We try to keep politics, if I'm confirmed, out of the Federal Reserve.
04:05I'm just asking you a factual question.
04:06I need to know, I need to measure your independence and your courage.
04:11Senator, I believe that this body certified that election many years ago.
04:15That's not the question I'm asking.
04:17I'm asking, did Donald Trump lose in 2020?
04:19Man, I'm suggesting you in 2020.
04:21I'm suggesting you can't answer that.
04:23The Fed made a huge inflation problem, and you certified the election.
04:26So let me ask you another question.
04:28You need to keep politics out of monetary policy.
04:29In our meeting, you said you would be independent because you're, quote, a tough guy.
04:34Those were your words, tough guy.
04:36And you will be able to stand up to President Trump.
04:39So let's try it again.
04:41Name one aspect of President Trump's economic agenda with which you disagree.
04:47Well, Senator, the Federal Reserve in recent years has wandered outside of its remit, wandered
04:53into other areas.
04:53I'm asking for something you disagree with Donald Trump on.
04:57If I'm confirmed, the Federal Reserve should stay in its lane.
05:01Just one.
05:01Just one little place where you disagree with Donald Trump.
05:04Well, I do have a disagreement, actually, Senator, with the President.
05:08I think even this morning, he said that he thought I was out of central casting.
05:13I think central casting, I'd look older, grayer, and maybe show up here with a cigar of sorts.
05:19Quite adorable.
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