Warsh Says Fed Is 'Honored' to Be Independent

Summary

Federal Reserve Chair Kevin Warsh testifies before the House Financial Services Committee, affirming the central bank's independence from the White House and declining to engage in hypothetical scenarios about political pressure on interest rate policy.

• Rep. Nydia Velázquez asks Warsh if he works for Donald Trump
• Warsh states the Fed is an independent central bank and its independence comes from Congress
• He declines to speculate on what steps he would take if the administration targeted Fed governors over rate votes
• Warsh cites Supreme Court rulings that the Fed is independent in conducting monetary policy
• The exchange focuses on institutional independence; no market or economic outlook is provided