Federal Reserve building renovation project reaches $2.5 billion milestone
Federal Reserve building renovation project reaches $2.5 billion as leadership transition advances.
Event / Politics
Kevin Warsh Federal Reserve Confirmation
Senate Banking Committee considers Kevin Warsh's nomination as Federal Reserve chair following closure of DOJ investigation into Jerome Powell. Democrats raise concerns about Fed independence and interest rate policy.
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2026-08-18 to 2026-11-15 · UTC publication dates
Coverage begins 23 Apr, 03:36 UTC
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What happened
Kevin Warsh pledges Federal Reserve independence in Senate confirmation testimony
Kevin Warsh, President Trump's nominee to succeed Jerome Powell as Federal Reserve Chair, testified before the Senate Banking Committee on Tuesday. Warsh stated that the president never asked him to commit to any particular interest rate decision and pledged that the central bank would remain strictly independent in its monetary policy decisions if he is confirmed.
Jerome Powell's Federal Reserve Chair term ends in May 2026
Jerome Powell's tenure as chairman of the Federal Reserve's Board of Governors is scheduled to end in May 2026. President Trump nominated Kevin Warsh to succeed Powell in the position in January 2026.
Court judge ruled prosecutors lacked evidence against Powell in renovation investigation
Chief Judge James Boasberg of the U.S. District Court for the District of Columbia quashed subpoenas issued to the Federal Reserve in March, stating that prosecutors had produced 'essentially zero evidence' to suspect Powell of criminal conduct. The judge characterized prosecutors' justification for the subpoenas as 'thin and unsubstantiated.' A prosecutor handling the case conceded at a closed-door hearing that the government had not found evidence of a crime.
President Trump expresses desire for interest rate cuts by new Federal Reserve Chair
During an interview on CNBC, President Trump was asked if he would be disappointed if Kevin Warsh did not immediately cut interest rates as Federal Reserve Chair. Trump responded affirmatively. The president has repeatedly called for the Federal Reserve to lower interest rates and has criticized Powell's handling of monetary policy.
Justice Department ends criminal investigation into Federal Reserve Chair Jerome Powell
U.S. Attorney for the District of Columbia Jeanine Pirro announced on Friday that the Justice Department is closing its criminal investigation into Federal Reserve Chair Jerome Powell. The investigation focused on renovation cost overruns at the Fed's Washington headquarters. Pirro stated that the Fed's inspector general would instead scrutinize the building project, and accordingly directed her office to close the investigation.
Senator Thom Tillis blocked Warsh confirmation pending investigation closure
Sen. Thom Tillis, a North Carolina Republican, indicated he would oppose Kevin Warsh's nomination as Federal Reserve Chair until the Justice Department investigation into Jerome Powell was resolved. Tillis's opposition effectively blocked confirmation proceedings until the investigation was closed.
Criminal inquiry into Fed Chair Powell regarding Federal Reserve building renovations
Current Federal Reserve chair Jerome Powell is the subject of a criminal inquiry, with allegations that he provided false or misleading testimony to Congress about costly renovations to the Federal Reserve building. President Trump has referenced this investigation in relation to his criticism of Powell.
Warsh denies he will be Trump's puppet on Federal Reserve policy
During his confirmation hearing, Kevin Warsh stated he would not be Trump's 'human sock puppet' and would refuse to take orders from the president on interest rates. Warsh emphasized the importance of the Federal Reserve's independence during his testimony before the Senate Banking Committee.
Warren accuses Warsh of being unfit for Federal Reserve leadership due to lack of independence
Sen. Warren stated that Kevin Warsh is 'uniquely ill-suited' for the Federal Reserve chair position, arguing he cannot assert independence from President Trump. Warren warned that a Fed chair who accepts Trump's economic views—such as tariffs costing nothing or prices not rising—would be unable to effectively manage monetary policy based on economic reality.
Warren rejects comparison between her Fed advocacy and Trump's pressure on Federal Reserve
During a CNBC interview on Wednesday, Warren rejected host Sara Eisen's comparison of her advocacy for specific Fed nominees to Trump's pressure on the Federal Reserve. Warren distinguished between expressing policy opinions and the president attempting to control the Federal Reserve, arguing that Trump has used the Department of Justice to bring criminal charges against current Fed chair Jerome Powell as a form of intimidation.
Sen. Elizabeth Warren questions Federal Reserve nominee Kevin Warsh at confirmation hearing
During Senate Banking Committee confirmation hearing on Tuesday, Sen. Elizabeth Warren questioned Kevin Warsh on his independence from President Trump. Warren asked Warsh to name even one aspect of Trump's economic agenda that he disagreed with, criticizing him as potentially unfit due to his alignment with Trump's policy views. Warsh responded with a sarcastic remark about his appearance rather than substantively addressing the question.
President Trump previously called on Fed Chair Powell to lower interest rates
President Trump has made public demands for Federal Reserve Chair Jerome Powell to lower interest rates. Powell has refused these calls, maintaining the independence of the Federal Reserve in its monetary policy decisions.
Kevin Warsh nominated as Federal Reserve chair to succeed Jerome Powell
President Trump nominated Kevin Warsh to become Federal Reserve chair, with his term beginning in May when current chair Jerome Powell's term ends. Warsh faced a Senate Banking Committee confirmation hearing on Tuesday to evaluate his qualifications and independence for leading the central bank.
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2 alternative perspectives
Trump Says He'd Be Disappointed if Warsh Doesn't Cut Rates
Trump says he'd be disappointed if Warsh doesn't cut rates as incoming Federal Reserve chair.
Federal judge ends Powell investigation, clearing Warsh confirmation path
Federal judge ends Powell investigation, clearing final obstacle to Warsh's Fed chair confirmation.
Tillis drops opposition, clearing Warsh's path to Fed confirmation vote
Tillis drops opposition to Warsh, Senate Banking Committee votes Wednesday on Fed chair nomination.
Senate Republicans clear final obstacle to Warsh Federal Reserve confirmation
Tillis lifts confirmation hold as Powell investigation closes, clearing Warsh's path to Fed chair.
Powell investigation closes as Democrats question timing amid Warsh confirmation
Criminal investigation into Powell closes; Democrats dispute timing and motives.
Tillis blocks Warsh confirmation pending investigation outcome
Tillis blocks Warsh Fed confirmation pending investigation outcome; Powell remains chair until confirmed.
DOJ closes criminal investigation into Powell amid Fed leadership transition
DOJ closes Powell investigation after judge blocks subpoenas, clearing path for Warsh confirmation.
Trump Signals Rate Cut Expectations as Warsh Fed Confirmation Advances
Trump signals rate cut expectations as Warsh advances toward Federal Reserve chair confirmation.
Powell inquiry ends, clearing path for Warsh Fed confirmation
Powell investigation ends, removing the last obstacle to Warsh's Federal Reserve confirmation.
Criminal inquiry into Powell redirects attention from Warsh confirmation debate
Criminal inquiry into Powell's Fed building renovations emerges during Warsh confirmation process.
Warren Questions Warsh's Independence at Fed Chair Confirmation Hearing
Warren questions Warsh's Fed independence; Warsh denies Trump influence at confirmation hearing.