Internet sleuths discovered NFL Hall of Fame star Larry Fitzgerald seated behind Kevin Warsh during his confirmation hearing for Federal Reserve Chair. Video showed Larry Fitzgerald and Kevin Warsh hugging ahead of the confirmation hearing, with Punchbowl News reporter Laura Weiss noting the two are friends. This sparked reactions on social media, with film producer Franklin Leonard posting about the surprise and an unidentified X user adding it was unexpected.
Kevin Warsh, 56, is a former Morgan Stanley banker who served as a Fed governor during the 2008 financial crisis, and Donald Trump named him in January to replace current Fed chair Jerome Powell. If confirmed, Kevin Warsh would likely be the wealthiest Fed chair, with a fortune of more than $100 million, according to financial disclosures, and his confirmation appears to be on track.
The president never once asked me to commit to any particular interest rate decision, and nor would I agree to it if he had. I will be an independent actor if confirmed as chair of the Federal Reserve.
Political complications have emerged, with Republican Senator Thom Tillis stating he will withhold support for Kevin Warsh until the Justice Department drops its investigation into Jerome Powell. Donald Trump has pushed for criminal investigations into Jerome Powell over renovations at the central bank's home in Washington, D.C., but a federal judge blocked the investigation last month, stating that it appeared to be designed to 'harass and pressure' Powell.
Interest rate policy tensions surfaced during the hearing, with Kevin Warsh testifying that he never promised the White House that he would cut interest rates. Donald Trump told CNBC that he would be disappointed if Kevin Warsh doesn't immediately cut rates.