Kevin Warsh, former governor of the US Federal Reserve, during the International Monetary Fund (IMF) and World Bank Spring meetings at the IMF headquarters in Washington, D.C., April 25, 2025. (Tierney L. Cross/Bloomberg via Getty Images)
"The Federal Reserve’s decisions touch every American household, from mortgage rates to retirement savings, and President Trump has been clear that bringing accountability and credibility to the Federal Reserve is a priority. His nomination of Kevin Warsh reflects that focus," Scott said.
But amid questions over Trump’s relationship with Powell, Sen. Elizabeth Warren, D-Mass., said she fears Trump picked someone who he can use to make economy-shaping decisions.
"Donald Trump said anybody who disagrees with him will never be Fed chairman. Former Fed governor Kevin Warsh has apparently passed the loyalty test," Warren said.
Warren is the ranking member on the Senate Banking, Housing and Urban Affairs Committee.
The Fed, led by its chair, maintains U.S. financial stability by governing the U.S. money supply and credit conditions to keep inflation under control and maximize employment — a role in which it answers to Congress, according to the Fed's website.
After starting his career in the private sector, Warsh began working for the Bush administration in 2002 as a special assistant to the president and would go on to receive a nomination to serve on the Fed’s board of governors in 2006.
At just 35 years old, Warsh became the youngest appointee in Fed board history. He served in that role until 2011.
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Trump originally considered Warsh for the position of Fed chair in 2017 but eventually nominated Powell instead. Trump also considered him as a candidate for Treasury Secretary after winning re-election in 2024.
Sen. John Cornyn, R-Texas, who sits on the Senate Committee on Finance, said he would support Warsh based on that track record.
Sen. Elizabeth Warren, D-Mass., questions former executives of failed banks during a Senate Banking Committee hearing on Capitol Hill, May 16, 2023, in Washington. (Drew Angerer/Getty Images)
"This nomination is the latest step in Trump’s attempt to seize control of the Fed and follows the Trump administration’s weaponization of the Department of Justice to open criminal investigations into Fed Chair Jerome Powell," Warren said.
"No Republican purporting to care about Fed independence should agree to move forward with this nomination until Trump drops his witch hunt," Warren added.
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Jerome Powell’s term ends on May 15. The Senate has not yet announced when Warsh’s confirmation hearings will begin.
"I look forward to leading a thoughtful, timely confirmation process that carefully examines his vision for focusing the Federal Reserve on its core mission," Scott said.
Leo Briceno is a politics reporter for the congressional team at Fox News Digital. He was previously a reporter with World Magazine.
https://www.foxnews.com/politics/trumps-fed-chair-pick-kevin-warsh-ignites-fight-over-independence-capitol-hill