Senate Banking Chair Urges Fed Criminal Probe to End So Kevin Warsh Can Be Confirmed

Senate Banking Committee Chair Tim Scott said Wednesday he hopes the federal criminal investigation into Federal Reserve Chair Jerome Powell "goes away" so Kevin Warsh's nomination to lead the central bank can move forward. The probe stems partly from testimony Powell gave before the Banking Committee last year, though Scott has maintained Powell did not commit a crime. Powell, whose term ends in May, missed a scheduled February 11 congressional appearance due to the investigation. Senator Thom Tillis, R-N.C., has vowed to block all Fed nominees until the investigation is resolved, calling it a matter of Fed independence. Meanwhile, Senators Kevin Cramer, R-N.D., and Jim Banks, R-Ind., both met with Warsh this week and urged prompt Senate confirmation, with Banks calling on the Senate to confirm Warsh "ASAP."