Senate Banking Democrats Call for Delay in Warsh Nomination

Senate Democrats on the Banking Committee are demanding an immediate delay in Kevin Warsh’s nomination to lead the Federal Reserve, urging Chair Tim Scott to pause proceedings until investigations into Fed Chair Jerome Powell and Governor Lisa Cook are concluded. The push follows President Donald Trump’s nomination of Warsh last week to replace Powell when his term ends in May. The Justice Department is probing Powell over alleged cost overruns tied to the Fed’s headquarters renovation and separately investigating Cook over alleged mortgage fraud. Democrats, led by Elizabeth Warren, warned the move threatens Fed independence. Republican Senator Thom Tillis has vowed to block the nomination until Powell’s probe ends.