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Kevin Warsh, President Donald Trump’s nominee to become the next chair of the Federal Reserve, told U.S. senators on April 21 that he would not pledge to cut interest rates to satisfy the president’s preferences and said he would set monetary policy in the best interests of the economy.
In testimony lasting more than 2.5 hours, Warsh repeatedly emphasized that his decisions would be guided by economic conditions rather than political pressure. He said Trump has not asked him to commit to any specific rate decision.
“The President has never asked me to commit to any rate decision. I would not agree if he did so,” Warsh said. He added that presidents generally prefer lower interest rates and that publicizing such views would not be expected to harm the Fed’s independence.
Warsh did not disclose whether cutting rates to the level Trump desires—1% or lower—could contribute to a renewed acceleration in inflation. The Fed’s benchmark rate influences borrowing costs, the bond market, and broader global financial conditions.
Warsh’s appearance was aimed at reassuring senators that the Fed would maintain independence while also managing the expectations of the president-nominee. The selection process has been closely watched because Trump has repeatedly said he would only choose a candidate who supports rate cuts.
That stance has raised concerns that the Fed’s independence could be weakened under a new chair, potentially limiting the institution’s ability to control inflation and stabilize markets.
The hearing came after Trump told CNBC he would be “disappointed” if the Fed under Warsh does not cut rates, highlighting the pressure Warsh may face after taking office.
Trump also said he would not concede in the Department of Justice investigation involving Powell related to the Fed headquarters renovation project, a factor that has hindered Senate confirmation of Warsh.
In addition, Trump previously referenced in the Wall Street Journal that he had asked Warsh about cutting rates and said he “believes rates should be lowered.”
The hearing also addressed Warsh’s finances. According to recently released financial disclosures, he owns more than USD 130 million. If confirmed, he would become the richest Fed chair in history.
Warsh said during the hearing that he signed an agreement with the Office of Government Ethics, committing to divest the majority of his invested assets after confirmation to avoid conflicts of interest.
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