00:00Trump's Fed chair pick reported a personal fortune of $100 million.
00:04If he's confirmed, he'll be the richest person ever to lead the US central bank.
00:09Kevin Walsh is President Trump's pick to lead the Federal Reserve.
00:12Republicans say he is a battle-tested economist, but Democrats aren't so convinced.
00:17They fear he's a sock puppet who is just going to do the White House's bidding when it comes to
00:21interest rates.
00:22Kevin Walsh has been on the DC scene for more than 20 years.
00:26He first worked in the White House and was then appointed to the Federal Reserve's Board of Governors under Ben
00:31Bernanke.
00:32He played a pivotal role during the 2008 financial crisis.
00:36And for the past 15 years, he's been working alongside famed US investor Stan Druckenmiller.
00:41If elected, people are wondering how Kevin Walsh will differ to current chairman Jerome Powell.
00:47If there's one thing the two can agree on, it's that the central bank's independence is absolutely essential.
00:53In Walsh's case, however, he believes that that independence is earned. It's not a given right.
00:58In his Senate banking hearing, Walsh talked a lot about regime change at the Fed.
01:03And part of that comes from his bullishness on AI.
01:06And he believes that can be a reason that the base rate can be lowered.
01:09Prior to his Senate Banking Committee hearing this week, Walsh had disclosed assets worth $100 million.
01:15In the hearing, Walsh confirmed that virtually all of those assets would be sold if he was confirmed.
01:21However, Senator Elizabeth Warren pushed back hard on how that sale would go through.
01:25I'm sure you understand that the public might question your motives if, for example,
01:31billionaire Stanley Druckenmiller cuts you a massive check for $100 million
01:37as you take the oath of office to become the new Federal Reserve chair.
01:41The Senate Banking Committee still hasn't set a date as to when they will vote on Walsh's nomination,
01:46leaving Wall Street and DC in limbo as to when the next Federal Reserve chairman will be confirmed.
Comments