Fed Chair Nominee Kevin Warsh Pledges Independence, Plans Asset Divestment

Donald Trump’s nominee to lead the Federal Reserve, Kevin Warsh, will tell lawmakers at his confirmation hearing that he is “committed to ensuring that the conduct of monetary policy remains strictly independent,” according to prepared remarks seen by Reuters.

Warsh committed to ensuring that the conduct of monetary policy remains strictly independent, at the same time vowing to working with the administration and Congress on non-monetary matters that are part of the Fed’s remit.  (Photo: UPS)

“I am committed to ensuring that the conduct of monetary policy remains strictly independent,” Warsh is expected to tell members of the Senate Banking Committee.

“I am equally committed to working with the administration and Congress on non-monetary matters that are part of the Fed’s remit,” according to reporting by Ann Saphir, Doina Chiacu, and Ryan Patrick Jones.

Warsh has also pledged to divest from certain financial holdings if confirmed.

In an updated financial disclosure filing dated April 17, amending an earlier April 10 submission, he told the Fed’s ethics officer he would divest his interests in the iShares S&P/TSX 60 Index (XIU) fund if he succeeds current Fed Chair Jerome Powell.

The disclosure was reported by Michael S. Derby.