Warsh Advances in Senate Confirmation, CNBC Reports on Fed Nominee

Kevin Warsh has filed the paperwork needed for his nomination to the Federal Reserve chair with the U.S. Senate. CNBC reported the filing on Monday, citing two people familiar with the matter.

Filmogaz.com could not immediately verify the CNBC report. Warsh’s financial disclosures were not posted on the U.S. Office of Government Ethics website late Monday.

Paperwork and disclosures

The Senate Banking Committee normally wants financial disclosures before a hearing. A committee spokesman declined to comment on the timing.

The panel also asks nominees to complete a questionnaire. At times it has scheduled hearings without that form.

Timing for a hearing

The committee’s rules require five business days’ notice to schedule a hearing. That makes next week the earliest possible window for Warsh’s appearance.

Even with a hearing, the speed of full Senate confirmation remains uncertain. Political and procedural issues could slow the process.

Political and legal obstacles

A key Republican lawmaker has vowed to block Warsh’s confirmation. The lawmaker links the hold to a Department of Justice probe into Jerome Powell.

The inquiry concerns Powell’s oversight of renovations at the Fed’s Washington headquarters. There is little sign of progress on that investigation so far.

Court ruling and appeal

A federal judge quashed DOJ subpoenas tied to the probe. The judge wrote the investigation looked like pressure to make Powell lower interest rates or resign.

The Justice Department said it will appeal that ruling. The appeal could extend the dispute through the confirmation period.

Succession timeline

Powell’s term as Fed chair ends on May 15. He has said he will serve on a pro tem basis if a successor is not confirmed by then.

News coverage under headlines such as Warsh Advances in Senate Confirmation and CNBC Reports on Fed Nominee has circulated widely. Analysts say the next two weeks will be decisive for the nomination.