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Trump nominates Kevin Warsh to lead Fed, but confirmation may be delayed by political disputes over Powell’s probe.
The Senate has received President Donald Trump's nomination of Kevin Warsh, a former governor of the Federal Reserve, to succeed Jerome Powell as Fed chair.
It is anticipated that Warsh, who was in office from 2006 to 2011, will advocate for reduced interest rates and a quicker reduction of the Fed's balance sheet.
Due to opposition from Republican Senator Thom Tillis, who wants the Justice Department to abandon a criminal investigation into Powell's testimony regarding a $2.5 billion Fed building renovation, his confirmation may be delayed.
Tensions over monetary policy are reflected in the investigation, which is perceived as politically charged.
Regardless of leadership changes, a swift change in policy is unlikely because the Fed is still cautious due to ongoing inflation and solid economic data, despite Trump's push for rate cuts.
Trump nomina a Kevin Warsh para liderar la Fed, pero la confirmación puede retrasarse por disputas políticas sobre la investigación de Powell.