By Myriam LEMETAYER The U.S. Senate approved on Wednesday the nomination of Donald Trump’s candidate, Kevin Warsh, to head the powerful central bank of the United States, the Federal Reserve (Fed).
By Myriam LEMETAYER
The United States Senate approved on Wednesday the nomination of Donald Trump’s candidate, Kevin Warsh, to lead the powerful central bank of the United States, the Federal Reserve (Fed).
Mr. Warsh, 56, only has to take the oath before assuming his duties for a four-year term.The Republican senators, who are in the majority, received the support of only one member from the opposing camp, John Fetterman, who regularly votes with them.
Apart from Mr. Fetterman, the Democratic opposition denounces this nomination, doubting Kevin Warsh’s ability to stand up to Donald Trump.
The American president is expecting lower interest rates to stimulate the economy. He downplays the ongoing inflationary spike, which the Federal Reserve is supposed to curb.
Before the vote, the leader of the Democratic senators, Chuck Schumer, stated that Mr. Trump was on a ‘crusade against the independence of the Fed.”While the disastrous war waged by this government and its failed economic program are driving up costs, Donald Trump will only seek to put more pressure on the Fed to manipulate interest rates for his sole political profit,” the elected official said in a statement.
