WATCH: Sen Warren unloads on Trump’s Fed nominee Kevin Warsh in explosive hearing showdown
Sparks flew on Capitol Hill as Sen. Elizabeth Warren, D-Mass., accused Federal Reserve nominee Kevin Warsh of being a potential "sock puppet" for President Donald Trump.Warsh, tapped by Trump in...
By Fox News · Fox News
Sparks flew on Capitol Hill as Sen. Elizabeth Warren , D-Mass., accused Federal Reserve nominee Kevin Warsh of being a potential "sock puppet" for President Donald Trump. Warsh, tapped by Trump in January to lead the Federal Reserve, faced a two-and-a-half-hour confirmation hearing before the Senate Banking, Housing, and Urban Affairs Committee. If confirmed, he would take the helm of the world’s most powerful central bank, shaping interest rates, borrowing costs and the financial outlook for millions of American households for the next four years. WHO IS KEVIN WARSH, TRUMP'S PICK TO SUCCEED JEROME POWELL AS FED CHAIR? In her opening remarks, Warren sharply criticized Warsh’s record and questioned his independence, arguing he is "uniquely ill-suited for the job as Fed chair" and warning he could give Trump influence over the central bank. She accused Warsh of enabling Wall Street during the 2008 financial crisis, which fell during his tenure as a Federal Reserve governor when he served from 2006 to 2011. "In our meeting last week, we discussed the 2008 financial crash, where 8 million people lost their jobs, 10 million people lost their homes and millions more lost their life savings," Warren said. "Giant banks, however, got hundreds of billions of dollars in bailouts… and he said to me that he has no regrets about anything he did." She added that Warsh "worked tirelessly to arrange multibillion-dollar bailouts" for Wall Street CEOs, with nothing for American families. The hearing grew more tense as Warren pivoted to ethics concerns, pressing Warsh over his undisclosed financial holdings and questioning him over links to business dealings connected to the late convicted sex offender Jeffrey Epstein. The two spoke over each other and raised their voices in a heated exchange on Capitol Hill. WARSH'S $226 MILLION FORTUNE UNDER SCRUTINY AS FED NOMINEE FACES SENATE CONFIRMATION Sen. Elizabeth Warren: The Fed has been plagued by deeply disturbing ethics scandals in recen…