The most recent news about crypto industry at Cointelegraph. Latest news about bitcoin, ethereum, blockchain, mining, cryptocurrency prices and more
The Fed chair confirmation faces a key hurdle as a senator vows to block the process until a DOJ investigation into Jerome Powell is resolved.US Treasury Secretary Scott Bessent is calling on the Senate Banking Committee to proceed with confirmation hearings for Federal Reserve chair nominee Kevin Warsh, despite a standoff over an ongoing probe into current Fed chair Jerome Powell.
on Fox News’ Sunday Morning Futures, Bessent cited a recent pushback from Republican Senator Thom Tillis, who said he plans to delay confirmation of the next Fed chair until the Department of Justice probe into Powell is resolved. “Senator Tillis has come out and said he thinks that Kevin Warsh is an extreme candidate,” Bessent said, adding: “So I would say, why don’t we get the hearings underway and see where Jeanine Pirro’s investigation goes?”on multiple occasions to block the nomination until the DOJ reaches “to the truth” of the matter, as part of a push to protect the Fed's independence. “I’d be one of the first people to introduce Mr. Warsh if we’re behind this and support him, but not before this matter is settled,” Tillis Republicans control 13 of the 24 seats in the Senate Banking Committee, meaning that they could vote as a bloc to push through Warsh. However, with Tillis looking to halt the process, he could use his vote to oppose Warsh, putting the ultimate decision in the hands of the Democrats. The DOJ, led by attorney Jeanine Pirro, initially opened an investigation into Powell in early January, serving the Fed with grand jury subpoenas and threats of criminal charges related to expenses for a multi-year renovation project at Fed office buildings. Powell promptly denied the assertions and, on Jan. 11, argued that the investigation was politically motivated because the Fed’s interest rate policy was at odds with the wishes of US President Donald Trump.Following a presidential nomination, the nominee must then appear before the Senate Banking Committee for a review hearing. The committee then votes on whether to send the nominee to the full senate with a favorable or non-favorable recommendation, or no recommendation at all. Finally, the full Senate then holds a debate and vote, and if the nominee is confirmed, they can be officially sworn in as the next Fed chair.Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Glen Powell Reacts to Nick Jonas Borrowing His Unwashed PantsNick Jonas and Glen Powell share a funny moment after Jonas wore a borrowed pair of jeans with Powell's plane ticket inside
Read more »
Japan PM Takaichi set for landslide win, markets waryUS Treasury Secretary Scott Bessent hailed a 'big victory' for Takaichi, saying that 'when Japan is strong, the US is strong in Asia'.
Read more »
Bessent claims China 'lived up to' its trade deal with Trump, predicts 'very strong economic growth' in 2026Treasury Secretary Scott Bessent discusses the Dow Jones Industrial Average hitting the 50,000 milestone, the future of the 'Clarity Act' and the ongoing legal battle over President Donald Trump's tariff authority on 'Sunday Morning Futures.'
Read more »
Bessent says Fed will take its time on balance sheet movesBessent said that the Fed could take up to a year to make decisions on its balance sheet, adding that Kevin Warsh will be a very independent Fed chief.
Read more »
Japan’s Katayama: Government will seek dialogue with markets on Monday as neededJapan’s Finance Minister Satsuki Katayama said that she will communicate with financial markets on Monday if needed, Bloomberg reported on Sunday. Katayama reiterated that she was keeping in close contact with US Treasury Secretary Scott Bessent to maintain stability in the USD/JPY movement.
Read more »
Forecasting the upcoming week: US Dollar holds firm as shutdown ends, NFP, CPI aheadThe US Dollar (USD) saw little movement this week after markets assessed the United States (US) President Donald Trump's nomination of Kevin Warsh, a former member of the Federal Reserve (Fed) Board of Governors, as the next Fed Chair, and the partial US government shutdown that pushed employment...
Read more »