"Democratic lawmakers on the Senate banking committee urged its Republican leadership to postpone the planned confirmation hearing for Kevin Warsh, the financial executive and former Fed governor Trump has nominated to replace Jerome Powell as Fed chair."
"Powell, whom the president has frequently and publicly chastised over his refusal to dramatically lower interest rates, is facing a criminal investigation into the renovations of the central bank's headquarters."
"The Democratic senators wrote in their letter to Scott: 'It would be absurd on its face to allow President Trump to handpick the next chair of the Federal Reserve as his Department of Justice actively pursues criminal investigations of not one, but two sitting members of the Federal Reserve board.'"
Democratic lawmakers are urging a delay in the confirmation hearing for Kevin Warsh, nominated by Trump to replace Jerome Powell as Fed chair. They cite ongoing criminal investigations into Powell and Lisa Cook, a Fed governor. Powell is under investigation related to renovations at the Fed's headquarters, while Cook faces allegations of mortgage fraud. The Democrats argue that allowing Trump to appoint a new chair during these investigations is inappropriate and absurd. The situation has escalated to the Supreme Court regarding Cook's potential termination.
Read at www.theguardian.com
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