Fed Nominee Warsh: I Made No Deal with Trump on Rates
Federal Reserve (Fed) nominee Kevin Warsh told US senators on Tuesday that he had made no promises to President Donald Trump about lowering interest rates. Seeking confirmation to lead the central bank, he sought to reassure the Senate that he would act independently of the White House while pursuing sweeping reforms.
At the hearing, which ranged from Warsh's calls for "regime change" at the Fed to contentious exchanges about his personal finances, the 56-year-old lawyer and financier said Trump had never asked him to commit to lowering interest rates in their conversations about his potential tenure, nor would he make such a commitment himself.
Trump, who nominated Warsh for the position, has repeatedly expressed confidence that the appointment would bring lower rates. In an interview with CNBC just before Tuesday's hearing, he said he would be disappointed if that did not happen.