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Senator Blocks Warsh Nomination Amid Fed Independence Debate

2/13/2026

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Summary

Story summary

Treasury Secretary Scott Bessent urged expediting Kevin M. Warsh's confirmation.
He noted Warsh is the nominee of U.S. President Donald Trump.
Senator Thom Tillis blocks Warsh's nomination and questions the investigation into Jerome H. Powell.
Bessent said the Fed must be independent to support hearings by the Senate Banking Committee.
Tillis stated the investigation must be compelling or resolved before he supports Warsh.

History

Historical Context

The Federal Reserve Reform Act of 1977 established the Fed's independence, mandating it to promote maximum employment and stable prices. This followed a history of banking reforms, including the Federal Reserve Act of 1913, which aimed to stabilize the economy. The recent nomination of Kevin M. Warsh by President Trump highlights ongoing debates about the Fed's autonomy, particularly amid concerns regarding Jerome H. Powell's leadership.

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Story summary

Treasury Secretary Scott Bessent urged expediting Kevin M. Warsh's confirmation.
He noted Warsh is the nominee of U.S. President Donald Trump.
Senator Thom Tillis blocks Warsh's nomination and questions the investigation into Jerome H. Powell.
Bessent said the Fed must be independent to support hearings by the Senate Banking Committee.
Tillis stated the investigation must be compelling or resolved before he supports Warsh.

1 / 2