00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The Senate confirmation hearing for Kevin Warsh, Trump's nominee for Federal Reserve chair,
00:07according to the Wall Street Journal. During the more than two-hour session,
00:11senators questioned Warsh on his financial assets, his plans to divest them, and how he
00:16would preserve Fed independence. Warsh stressed the importance of the Fed's independence,
00:21and avoided commenting on Trump's effort to fire Governor Lisa Cook and a criminal probe
00:26tied to a Fed construction project, citing pending litigation. He said Trump has not asked him to
00:31promise rate cuts. Senator Tom Tillis said he will block the nomination until the Justice Department
00:37probe and issues involving Jerome Powell are resolved. Warsh argued that AI-driven productivity
00:43could support rate cuts, but said the Iran war and rising energy prices have clouded that outlook.
00:49He emphasized that economic growth is improving, but inflation must remain controlled.
00:54For all things money, visit Benzinga.com.
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