Gallego Votes No on Kevin Warsh’s Nomination to be Fed Chair

WASHINGTON – Today, Senator Ruben Gallego (D-AZ), a member of the Senate Committee on Banking, Housing, and Urban Affairs, voted against Kevin Warsh to be Chair of the Federal Reserve (Fed). “The Federal Reserve is critical to ensuring Americans can afford groceries, find a job, buy a home, and much more. To do that, the Fed must be able to make decisions in the best interest of our economy, not of politicians,” said Senator Gallego. “Fed independence is under vicious attack by this administration, and instead of promising to uphold standards of independence, transparency, and communication, Kevin Warsh has avoided our questions and given contradictory answers at every turn. That is why I voted against his nomination today.” During last week’s nomination hearing, Senator Gallego pressed Mr. Warsh on his independence from the President, including whether President Trump asked for his commitment to support interest rate cuts, as reported by the Wall Street Journal . This week, he followed up on that questioning, sending a letter to Mr. Warsh calling on him to clarify discrepancies between his testimony before the Banking Committee and public statements from President Trump. He also sent a letter to Warsh regarding his failure to adequately respond to senators’ questions for the record and requesting complete answers. Last year, Senator Gallego introduced the bipartisan Fed Forward Act to codify key communication and governance practices, including press conferences after FOMC meetings. He also introduced the Fed Integrity and Independence Act to prohibit members of the Federal Reserve from holding multiple positions appointed by the President, including under a leave of absence. Following calls led by the Senator, Fed Governor Stephen Miran resigned from his position on the President’s Counsil of Economic Advisors.