Story perspectives

Trump Nominee Warsh Testifies, Dems Demand $100 M Divestiture

4/23/2026

Summary

Story summary

Kevin Warsh testified on April 21, 2026 as President Donald Trump's nominee for Federal Reserve (Fed) Chair, pending confirmation.
Republican Senator Thom Tillis withheld support, citing the Powell probe, while Democratic senators led by Elizabeth Warren demanded Warsh divest his $100 million holdings before confirmation.
Warsh said President Donald Trump never asked him to predetermine rates and proposed a “regime change” with an inflation framework and additional policy meetings.

History

Historical Context

The Federal Reserve Act, enacted on December 23, 1913, established the U.S. central banking system in response to the Panic of 1907, which exposed the need for financial stability. This act aimed to regulate banking and prevent future crises. Kevin Warsh's recent nomination highlights ongoing debates about the Fed's independence, reflecting historical tensions between political influence and economic governance.

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Story summary

Kevin Warsh testified on April 21, 2026 as President Donald Trump's nominee for Federal Reserve (Fed) Chair, pending confirmation.
Republican Senator Thom Tillis withheld support, citing the Powell probe, while Democratic senators led by Elizabeth Warren demanded Warsh divest his $100 million holdings before confirmation.
Warsh said President Donald Trump never asked him to predetermine rates and proposed a “regime change” with an inflation framework and additional policy meetings.

1 / 2