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A nomination hearing for Kevin Warsh, President Trump’s pick to succeed Federal Reserve Chair Jerome Powell, has been delayed from its initially scheduled date of April 16, according to a source familiar with the matter. A new hearing date has not yet been set because the Senate Banking Committee is still waiting to receive Warsh’s paperwork.
The committee is required to provide a week’s notice before holding a hearing. To proceed as planned, it would have needed to collect Warsh’s filings by midnight Thursday, the source said.
Warsh is married to billionaire Estée Lauder heiress Jane Lauder, who is worth about $1.9 billion, according to Forbes. In 2006, when he was nominated for his six-year term as a Federal Reserve governor, his financial disclosures showed nearly 1,200 assets, though most were held by his wife.
After leaving the Fed in 2011, Warsh worked for 15 years at billionaire investor Stanley Druckenmiller’s family office, the Duquesne Family Office.
Warsh has told Trump that he believes interest rates should be lower. However, during his time at the Fed, he favored higher rates and is widely viewed as an inflation hawk.
Trump announced Warsh as his pick to lead the Fed in January after months of pressuring Powell to cut rates faster, including calling him “stupid” and “hardheaded.”
Warsh’s confirmation has faced additional snags tied to the government’s criminal investigation into Powell and the Fed’s over-budget headquarters renovation project. Sen. Thom Tillis (R-NC), a member of the Senate Banking Committee, has vowed to block any Trump nominees to lead the Fed until the Powell investigation is fully ended.
Last week, a US district judge rejected the Trump administration’s request to reconsider the legality of two subpoenas targeting the Fed and Powell. US Attorney Jeanine Pirro said she would appeal the decision.
National Economic Council Director Kevin Hassett told Fox Business on Thursday that he is “highly confident” Warsh will be chairman by the end of Powell’s term.
At the Fed’s March meeting, Powell said he would remain as “chairman pro tem” if a successor is not confirmed by May 15, adding that this is “what the law calls for.” He also said he plans to remain on the board at least until the investigation is over, with a term that could extend through 2028.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
