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Kevin Hassett, chairman of the U.S. White House National Economic Council (NEC), stated that he is confident that Kevin Warsh, the nominee for chairman of the Federal Reserve (Fed), the U.S. central bank, will take office starting May 15.
On the 9th (local time), in an interview with Fox Business, when asked by the host, 'Are you confident that Warsh will start his term as chairman on the 15th of next month?', Chairman Hassett replied, "I am very confident that will be the case."
He added, "We will come up with a solution that will satisfy Senator Tillis."
He then said, "Chairman (Jerome) Powell has clearly signaled that he will step down once the new chairman is officially confirmed. That is the appropriate thing for him to do."
He expects the Federal Senate Banking Committee's confirmation hearing for Warsh to be held as scheduled next week.
When asked, 'Do you think Chairman Powell will also leave his board position?', Chairman Hassett replied, "I think so."
The Senate Banking Committee is reportedly scheduled to hold a confirmation hearing for Chairman nominee Warsh on the 16th.
The confirmation of a Fed chairman nominee must pass through a Banking Committee hearing and then a vote by the full committee. The Banking Committee, composed of 24 members, has a structure of 13 Republicans and 11 Democrats. If all Democratic members and at least one Republican member express opposition, the confirmation bill cannot pass the committee's threshold.
As the U.S. Department of Justice continues its intent to investigate Chairman Powell regarding excessive spending on the renovation of the Fed building, Senator Thom Tillis (R-N.C.), a member of the Banking Committee, has maintained his position that he will oppose Warsh's confirmation until the issue of the investigation into Chairman Powell is resolved.
Accordingly, it has been observed that the confirmation vote could be delayed, regardless of the hearing.
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