The expected nomination hearing for Federal Reserve chair candidate Kevin Warsh has reportedly been delayed. A person familiar with the matter confirmed that Warsh was scheduled to appear before the United States Senate Committee on Banking, Housing, and Urban Affairs on April 16, but that date will no longer take place. The hearing is still expected to take place soon.The update was shared by the person with CNBC on condition of anonymity, as the committee has not formally announced the change.Under Senate rules, the committee must give at least one week’s notice before holding a nomination hearing. It also needs to review key documents from the nominee, including financial disclosures. According to CNBC, the committee has not yet received Warsh’s paperwork. Without those filings, the process cannot move forward.The panel also missed its Thursday deadline to formally schedule the April 16 hearing. Earlier, Punchbowl News reported that the hearing had been delayed.Warsh’s financial disclosures are expected to be extensive. He is married to Jane Lauder, part of the Estée Lauder Companies family. According to Forbes, her net worth is estimated at $1.9 billion.When Warsh was nominated to the Federal Reserve in 2006, disclosures listed nearly 1,200 assets, most of them tied to his wife, as reported by the portal. The scale of those holdings suggests the current review could also take time.Also Read: Olam Group CEO, CFO to step down, focus on Saudi-backed Olam Agri
After leaving the Fed in 2011, Warsh spent about 15 years working with investor Stanley Druckenmiller. At his family office, he led venture investments, including in Palantir Technologies.In January, Donald Trump nominated Warsh to replace Jerome Powell, whose term ends on May 15. The administration remains confident. National Economic Council Director Kevin Hassett told Fox Business he is “highly confident” that Warsh will be confirmed in time.Still, there are hurdles. Thom Tillis has said he will not back any Fed nominee for now. He is pushing the US Department of Justice to drop an investigation linked to Powell.
While Tillis and Powell have both called the probe politically motivated, US Attorney for the District of Columbia Jeanine Pirro has said the investigation will continue. This means there is still an uncertainty around Warsh’s path ahead.
(Edited by : Juviraj Anchil)
