Kevin Warsh, President Trump’s nominee to lead the Federal Reserve, faced the Senate Banking Committee on Wednesday, pledging “strict independence” while promising to shake up the “status quo.” The 56‑year‑old former Fed governor, who served from 2006‑2011, entered the hearing amid President’s repeated calls for lower rates and a broader political fight over the central bank’s autonomy in a highly politicized environment.

Warsh’s personal fortune exceeds $100 million, according to disclosures filed before the hearing, and he said he would divest a sizable portion before taking office. Senate Republican Thom Tillis, who backs the nominee, warned he would stall any confirmation until the Justice Department’s probe into Chair Jerome Powell’s renovation spending concludes, arguing the inquiry threatens the Fed’s independence and transparency.

During his Fed tenure Warsh earned a reputation as an inflation hawk, arguing against rate cuts that could ignite price pressures. In the hearing he dismissed Trump’s demand for substantially lower borrowing costs, insisting a “reform‑oriented” Fed should rely on rule‑based formulas linking rates to inflation and employment metrics. His confirmation now hinges on whether senators accept that pledge of independence for markets.