Powell Nominated for Fed Chair, Senate First Hurdle Ahead

BlockBeats News, January 30th, Massachusetts Democratic Senator Elizabeth Warren expressed multiple concerns on Trump's decision to nominate Wall as the head of the Federal Reserve on Friday. As the top Democrat on the Senate Banking Committee (also the first stop for Wall's confirmation process), Warren questioned Wall's ability to lead the Fed independently of the White House's influence. "Trump has made it clear that anyone who disagrees with him cannot possibly become Fed Chair," Warren said in a statement. "Former Fed Governor Kevin Wall — who, post the 2008 financial crisis, was more concerned with helping Wall Street than the millions of Americans who lost their jobs — appears to have already passed the loyalty test."

Warren called on Republicans to hold off on moving Wall's nomination forward until the Justice Department concludes its investigation on current Chair Powell. "Any Republican who claims to care about the Fed's independence should refuse to advance this nomination until Trump stops his 'political witch hunt' against current Fed Chair Powell and Governor Lael Brainard," Warren said. (FXStreet)