Trump nominates Kevin Warsh to lead the Federal Reserve
President Donald Trump has officially nominated Kevin Warsh to serve as the next chairman of the Federal Reserve, sending the nomination to the Senate on Wednesday. The move came more than a month after Trump first publicly announced he wanted Warsh to head the central bank.If confirmed, Warsh would replace current Fed Chair Jerome Powell and serve a four-year term.
The nomination, however, faces an unusual obstacle, and it isn't coming from Democrats.
Sen. Thom Tillis, R-N.C., has said he will block Warsh's nomination from advancing in the Senate until a federal criminal investigation of Powell by the Washington, D.C. U.S. Attorney's Office is shelved. That threat could prevent the nomination from reaching the Senate floor entirely.
According to Newsmax, the investigation centers on the $2.5 billion renovation of the Federal Reserve's headquarters in Washington and Powell's Senate testimony about the project. Powell disclosed in mid-January that he was under investigation in connection with the matter.
A $2.5 billion headquarters renovation for an institution that prints the money it spends. That alone tells you something about the culture inside the Fed.
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