"The Trump administration has pushed for more control over the central bank. Trump tried to fire Fed Governor Lisa Cook, a Biden appointee, amid allegations of mortgage fraud, and called for a Department of Justice (DOJ) investigation into Powell's management of a building renovation project that a federal judge ruled was a pretext for pressuring Powell to cut rates or resign. The DOJ dropped the investigation after Senator Thom Tillis of North Carolina, a ranking member of the Senate Banking Committee, said he would not vote to advance Trump's nominee to lead the central b"
Kevin Warsh was confirmed by the United States Senate to serve as chair of the Federal Reserve’s Board of Governors for a 14-year term, succeeding Jerome Powell whose term ends on Friday. The Senate voted 54-45, with Senator John Fetterman joining Republicans. Warsh, 56, will be sworn in after final White House signatures on paperwork sent by the Senate. His confirmation follows concerns about Federal Reserve independence and rising inflation. During his confirmation hearing, he faced accusations of acting as a proxy for President Trump. Warsh previously supported rate hikes in 2024 under President Biden, then shifted to advocating rate cuts after Trump took office. The confirmation also comes amid efforts by the Trump administration to increase influence over the central bank, including attempts to remove Fed Governor Lisa Cook and pressure related to Powell’s management of a renovation project.
Read at www.aljazeera.com
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