00:00Kevin Warsh, President Trump's nominee to replace Jerome Powell as chair of the Federal Reserve,
00:05faced questions from the Senate Banking Committee today regarding his views on inflation, interest rates, and other economic issues.
00:13Warsh insisted that the Fed will remain strictly independent in setting monetary policy,
00:18arguing there's no threat to that independence simply from elected officials stating their views on interest rates.
00:25Democrats pressed him on his recent shift on interest rate cuts and his stance on Fed independence,
00:31while questions also swirled about his multimillion-dollar wealth and business ties.
00:37Warsh entered the hearing as potentially the wealthiest-ever Fed chair nominee,
00:41with disclosed assets valued somewhere between $135 million and $226 million.
00:48A key roadblock remains.
00:50Republican Senator Tom Tillis has vowed to block the nomination until the Justice Department drops its criminal investigation
00:57of current Fed chair Jerome Powell, an investigation ostensibly tied to cost overruns at the Fed's headquarters renovation.
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