Fed chair nominee Kevin Warsh vows not to be Trump’s ‘sock puppet’ | CNN Business

• Trump’s most consequential hire? Kevin Warsh testified Tuesday before the Senate Banking Committee in a high-stakes confirmation hearing as President Donald Trump’s nominee to lead the US central bank. • New chair, new rules: Warsh vowed to introduce “regime change” at the Federal Reserve if confirmed, potentially reducing the number of policy meetings per year and suggesting a new framework for inflation. • Political independence: Warsh faced multiple questions from senators about his ability to remain immune to pressure from Trump to cut rates immediately. Warsh defended his, and the institution’s, ability to operate outside of political interference. • Existential threat: Republican Sen. Thom Tillis repeated his vow to block the confirmation vote until a “frivolous” Justice Department criminal investigation into Fed Chair Jerome Powell is overturned. Our live coverage of Federal Reserve chair nominee Kevin Warsh has ended. US stocks were lower after Kevin Warsh’s confirmation hearing concluded Tuesday. The Dow was down 132 points, or 0.27%. The S&P 500 and Nasdaq each fell about 0.4%. The major indexes were lower for the second day in a row, pausing a r