Kevin Warsh is on the hot seat today as he is up to take over as the Chairman of the US Federal Reserve, and his confirmation hearing is pointedly partisan as expected. While Republicans obviously support the nomination, Democrats aim to find ways to make Warsh appear ill-suited to lead the central bank. The most aggressive Committee member bullying Warsh is Senator Elizabeth Warren, an extreme left politician who enjoys attacking appointees by asking inane or off-topic questions.
Whether Warsh will be a good Chair or not is yet to be seen, but his resume is stellar as he received his Bachelor’s in Public Policy at Stanford, a Law degree from Harvard, and previously worked at Morgan Stanley and served on the White House National Economic Council and the Federal Reserve Board of Governors. He is currently a Distinguished Visiting Fellow at the Hoover Institution at Stanford.
Below is Warsh’s prepared testimony presented in part before his hearing commenced.
He outlines his belief in Fed independence and in pursuing the Fed’s mandate of full employment and price stability. He also believes the Fed should “stay in its lane” and not stray into politics or social ideology that are not part of the central bank’s mission.
As Republicans have the majority, Warsh is expected to be approved, eventually.