Kevin Warsh, Fed Nominee, Senate Hearing on Fed Independence
Summary
Kevin Warsh appeared before the Senate Banking Committee for a confirmation hearing on his nomination by President Trump to serve as Federal Reserve chairman. Warsh stated that monetary policy independence is essential and that the Fed must earn its independence by delivering on its commitments. The nomination currently lacks sufficient votes to advance, with Sen. Thom Tillis (R-N.C.) blocking the nomination pending resolution of unrelated Justice Department matters involving Fed Chair Powell.
What changed
This article reports on a Senate confirmation hearing for Kevin Warsh to be Federal Reserve chairman. Warsh stated he would review the Fed's data-gathering practices and emphasized that monetary policy independence must be earned through results. Democratic senators pressed Warsh on reports he committed to cutting interest rates, which he denied. Warsh declined to comment on pending legal matters involving Fed Governor Lisa Cook and Chair Powell.
For compliance professionals at financial institutions, this hearing signals potential leadership changes at the Fed with implications for monetary policy direction. Institutions should monitor developments regarding Warsh's nomination status and any resulting shifts in Fed communication or policy stances.
Archived snapshot
Apr 22, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
No Result View All Result
- Ag Banking
- Commercial Lending
- Community Banking
- Compliance and Risk
- Cybersecurity
- Economy
- Human Resources
- Insurance
- Legal
- Mortgage
- Mutual Funds
- Payments
- Policy
- Retail and Marketing
- Tax and Accounting
- Technology
- Wealth Management
- Subscribe
- Advertise
- Magazine Archive
- Newsletter Archive
- Podcast Archive
- Sponsored Content Archive
SUBSCRIBE
- Ag Banking
- Commercial Lending
- Community Banking
- Compliance and Risk
- Cybersecurity
- Economy
- Human Resources
- Insurance
- Legal
- Mortgage
- Mutual Funds
- Payments
- Policy
- Retail and Marketing
- Tax and Accounting
- Technology
- Wealth Management
- Subscribe
- Advertise
- Magazine Archive
- Newsletter Archive
- Podcast Archive
- Sponsored Content Archive No Result View All Result No Result View All Result Home Economy # Warsh: Fed independence must be ‘earned’
April 21, 2026 Reading Time: 2 mins read Kevin Warsh appeared before senators today at an often confrontational hearing on his nomination to be Federal Reserve chairman, where he pledged to be independent while accusing the Fed of eroding public trust by straying from its mission.
Warsh, who previously served on the Fed board from 2006 to 2011, was nominated by President Trump earlier this year to succeed Jerome Powell as Fed chairman. His nomination currently lacks the votes to clear the Senate Banking Committee, as Sen. Thom Tillis (R-N.C.) said he would block the nomination until the Justice Department drops a criminal investigation into Powell and cost overruns related to renovations to the Fed’s headquarters.
During his opening remarks, Warsh said his time on the Fed board during the height of the financial crisis led him to respect the work of the institution. “But I also witnessed an institution that was tempted to play a larger role in the economy and society,” he said. “So let me very clear: Monetary policy independence is essential. Monetary policymakers must act in the nation’s interests. Their decisions are the product of rigor, deliberation and unclouded decision-making.”
Warsh was pressed by committee Democrats on a media report suggesting he told Trump that he would cut interest rates. Warsh said he never committed to any path on interest rate policy. He also declined to answer questions about Trump’s attempt to fire Fed Governor Lisa Cook and investigate Powell, saying that since both cases involved legal matters, it would be improper to comment.
Warsh said he intended to reform “an institution that has lost its way a little bit.” He said one of his first acts as chairman would be to order a review of the data the central bank uses to set monetary policy.
“Independence has to be earned,” he said. “It is earned by delivering on the promises, the commitments the Fed has made. And as the Fed hasn’t delivered on those promises, we shouldn’t be surprised that we hear politics are entering the room at the Fed. We need to get the politics out of it.”
Tags: Congress Federal Reserve Share Tweet Pin
Related Posts
House advances ABA-backed bill to ease Section 1071 reporting burden
Commercial Lending April 21, 2026 The House Financial Services Committee voted 26-22 to advance legislation to exempt certain lenders from small-business lending data reporting requirements.
CFPB finalizes rule to revise fair lending enforcement
Compliance and Risk April 21, 2026 The CFPB will issue a final rule to remove disparate impact from enforcement of the Equal Credit Opportunity Act, clarify the prohibition on discouraging prospective applicants, and establish new limits on special-purpose credit programs offered by lenders.
Banking groups seek more time for public input on Genius Act implementation
Compliance and Risk April 21, 2026 ABA joined three banking sector associations in requesting that the Treasury Department and FDIC tie the public comment period for three proposed rules to implement the Genius Act to the issuance of a final rule on the matter...
Bank acquisitions announced in three states
Community Banking April 21, 2026 Peoples in Ohio to acquire Kentucky bank; proposed acquisitions announced of banks in Georgia and Kansas.
FDIC issues relief guidance for Washington state banks affected by storms, flooding
Compliance and Risk April 21, 2026 The FDIC released guidance with steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Washington state affected by severe weather.
Fed’s Waller calls for streamlining central bank operations
Human Resources April 21, 2026 Federal Reserve Governor Christopher Waller proposed that the central bank consolidate core functions such as human resources and IT across the 12 Reserve Banks instead of each bank being responsible for its own operations.
NEWSBYTES
House advances ABA-backed bill to ease Section 1071 reporting burden
CFPB finalizes rule to revise fair lending enforcement
Banking groups seek more time for public input on Genius Act implementation
SPONSORED CONTENT
Why Your Systems Keep Slowing Down — and What to Do About It
How leading banks are enhancing customer engagement through financial data insights
Check Fraud Is Outpacing Legacy Controls. What Banks Should Evaluate Now.
How top agricultural lenders are approaching AI, automation and innovation in 2026
PODCASTS
Podcast: Capitalizing on opportunities to serve high-net-worth clients
Podcast: Are credit union commercial loans risky business?
Podcast: Risk and strategy in sponsor banking
March 19, 2026
American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA
ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe
© 2026 American Bankers Association. All rights reserved.
No Result View All Result
- Ag Banking
- Commercial Lending
- Community Banking
- Compliance and Risk
- Cybersecurity
- Economy
- Human Resources
- Insurance
- Legal
- Mortgage
- Mutual Funds
- Payments
- Policy
- Retail and Marketing
- Tax and Accounting
- Technology
- Wealth Management
- Subscribe
- Advertise
- Magazine Archive
- Newsletter Archive
- Podcast Archive
- Sponsored Content Archive © 2026 American Bankers Association. All rights reserved.
Mentioned entities
Parties
Related changes
Get daily alerts for ABA Banking Journal Compliance
Daily digest delivered to your inbox.
Free. Unsubscribe anytime.
Source
About this page
Every important government, regulator, and court update from around the world. One place. Real-time. Free. Our mission
Source document text, dates, docket IDs, and authority are extracted directly from ABA Banking Journal.
The summary, classification, recommended actions, deadlines, and penalty information are AI-generated from the original text and may contain errors. Always verify against the source document.
Classification
Who this affects
Taxonomy
Browse Categories
Get alerts for this source
We'll email you when ABA Banking Journal Compliance publishes new changes.
Subscribed!
Optional. Filters your digest to exactly the updates that matter to you.