[Congressional Record Volume 172, Number 81 (Wednesday, May 13, 2026)]
[Senate]
[Page S2250]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       NOMINATION OF KEVIN WARSH

  Mr. THUNE. Mr. President, later today, the Senate will finish 
considering the nomination of Kevin Warsh to be the 17th Chairman of 
the Federal Reserve.
  Leading the Federal Reserve System is an enormous task. The decisions 
the Fed makes affect Wall Street and Main Street and kitchen tables all 
across the country. So it is critical that we have people who 
understand not only the macro--the global economy and the markets--but 
who appreciate the microeconomy, and that is the hard-working 
Americans, their jobs, and their livelihoods.
  Kevin Warsh is just such a person.
  He credits his knowledge of the real economy to growing up in Upstate 
New York where his dad ran a children's clothing store and 
manufacturing company. From Shaker High School, he went on to Stanford 
University and then Harvard Law School.
  He then started a career on Wall Street, but he shifted to public 
service and joined the Bush administration's economic policy team in 
2002. Four years later, President Bush nominated him to the Federal 
Reserve Board of Governors. At age 35, Kevin Warsh was unanimously--
unanimously--confirmed here in the Senate and became the youngest 
Governor in the history of the Federal Reserve. Being the youngest 
person to take a seat in the Federal Reserve's boardroom is impressive 
enough, but Kevin Warsh didn't just take his seat--he was a key player 
during the time he was on the Board.
  Kevin Warsh seems to have just the profile of a Federal Reserve 
Chairman; yet Democrats oppose his nomination. That is right. For the 
first time in its history, the Banking Committee reported out a nominee 
for Fed Chairman on a party line vote because every single Democrat 
opposed Mr. Warsh's nomination--and, actually, only one Democrat was 
even present for the vote. The other 10 Democrats on the Banking 
Committee didn't even bother to show up for it.
  And, yesterday on the floor, all but one Democrat opposed the first 
of Mr. Warsh's two nominations: his nomination to be on the Board of 
Governors. He has already had that job, and a number of Democrats 
actually supported his nomination the last time; but those same 
Democrats voted yesterday against appointing him to the Board, and I 
suspect they will do the same when it comes time to vote on his other 
nomination to be the Chairman later today.
  I wish I could say I am surprised, but this is just how bad Trump 
derangement syndrome has gotten on the other side of the aisle. 
Democrats won't say so, but that is what it is. I expect we are going 
to hear Democrats attempt to justify their opposition by suggesting 
that a Chairman Warsh would somehow threaten the Fed's independence. I 
have to say that is a pretty serious claim and one that doesn't really 
have any basis in reality.
  To begin with, Mr. Warsh's testimony before the Banking Committee 
should have put any concerns about his independence to rest, but if the 
depth of his commitment to Fed independence were at all unclear, I 
recommend my colleagues review a speech he gave in 2010, entitled ``An 
Ode to Independence,'' in which he said:

       Central bank independence is precious . . . Ensuring Fed 
     independence--as the cornerstone of institutional 
     credibility--is our charge to keep. It is central to what the 
     Federal Reserve represents, and to how policy is conducted.

  Or they could ask Randall Kroszner, who served with Warsh on the Fed 
Board, who said:

       He's not an ideologue. Since I've known him, he was someone 
     who tried to get things done.

  Or maybe--maybe--they could just ask the Democrat leader, who 
introduced Kevin Warsh at his 2006 confirmation hearing. He said then 
of Warsh:

       He knows unequivocally that the Fed must be independent, 
     nonideological, and nonpartisan, and for this reason, I am 
     proud to support his nomination.

  That was the Democrat leader's comments, who is now leading the 
charge in opposing Warsh's nomination.

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