Senate expected to confirm Kevin Warsh as Fed chair
The US Senate is expected to confirm Kevin Warsh as the next Federal Reserve chair this week, mostly along party lines.
Warsh, who was a Fed governor during the 2008 financial crisis, is known for supporting higher interest rates back then.
Recently, he's shifted closer to President Trump's view that rates are too high.
Democrats question Fed independence, Powell warns
Warsh's recent comments have sparked worries among Democrats about whether he'll keep the Fed independent from political pressure.
In his Senate hearings, he promised to stay independent but avoided questions about Trump and the 2020 election.
Outgoing Chair Jerome Powell used his last press conference as chair to warn about politics interfering with the Fed, saying, "The institution is being battered over these things," and stressing how important it is for economic stability that the central bank stays free from outside influence.