White House "Confident Fed's Next Chair Will Take Office in May"

Kevin Warsh, Nominee for Fed Chair

Kevin Hassett, Chairman of the White House National Economic Council (NEC), stated that he is confident that Kevin Warsh, the nominee for chairman of the Federal Reserve (Fed), the US central bank, will take office from May 15.

In an interview with Fox Business on the 9th (local time), when asked by the host, 'Are you confident that nominee Warsh will begin his term as chairman from the 15th of next month?', Chairman Hassett replied, "I am very confident that it will happen."

He added, "We will find a solution that satisfies Senator Tillis."

He also 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 expected the confirmation hearing for nominee Warsh by the Senate Banking Committee to proceed as scheduled next week.

When asked, 'Do you think Chairman Powell will also leave his directorship?', Chairman Hassett replied, "I think so."

It is reported that the Senate Banking Committee plans to hold a confirmation hearing for nominee Warsh on the 16th.

The confirmation of a Fed chairman nominee must pass through a hearing by the Banking Committee and then a vote in the full session. The Banking Committee, composed of 24 members, has 13 Republicans and 11 Democrats. If all Democratic members and at least one Republican member oppose, the confirmation bill cannot pass the committee threshold.

Meanwhile, as the US Department of Justice continues its intention to investigate Chairman Powell regarding issues of excessive spending on the renovation of the Fed building, Senator Thom Tillis (R-NC) of the Banking Committee maintains his position that he will oppose the confirmation of nominee Warsh until the investigation issues against Chairman Powell are resolved.

Accordingly, observations have been raised that the confirmation vote could be delayed, regardless of the hearing.