Trump's Fed Chair Nominee Stuck in 'Unprecedented Stalemate'

On April 16, Nick Timiraos, a journalist known as the 'voice of the Federal Reserve' for The Wall Street Journal, reported that Kevin Warsh's path to the Fed chair position took a crucial step forward this week, but it may have also taken two steps back. On the same day the Senate Banking Committee announced the date for his confirmation hearing as the next Fed chair, prosecutors from the office of federal prosecutor Jeanine Pirro attempted to escalate an investigation that could hinder his appointment. Subsequently, in an interview aired on Fox Business on Wednesday morning, Trump vigorously defended the investigation against current chair Jerome Powell, which involves renovations at the Fed's headquarters. This appointment faces obstacles from North Carolina Republican Senator Thom Tillis, who has vowed not to advance any Fed nominees until the Justice Department concludes its investigation. In the interview, Trump dismissed Tillis's stance as a hollow threat from a retiring senator, while also acknowledging that Tillis might not relent, potentially delaying Warsh's confirmation. In this scenario, Trump stated that if Powell chooses to remain at the Fed after his term ends on May 15, he would fire Powell. Powell is eligible to continue serving as a member of the Fed Board until 2028.