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Kevin Hassett, chairman of the U.S. White House National Economic Council (NEC), stated that he is confident that Kevin Warsh, a candidate for the chair of the U.S. central bank, the Federal Reserve (Fed), will assume the position from May 15.
In an interview with Fox Business on the 9th (local time), Chairman Hassett responded to the host's question, 'Are you confident that candidate Warsh will start as chair from the 15th of next month?' by saying, "I am very confident that will be the case."
He added, "We will find a solution that satisfies Senator Tillis."
He also said, "(Jerome) Powell has clearly signaled that he will step down once the new chair is officially confirmed. That is the appropriate thing for him to do."
He expects the Federal Senate Banking Committee's confirmation hearing for candidate Warsh to be held next week as scheduled.
When asked if he thought "Chairman Powell would also leave his position on the board," Chairman Hassett replied, "I think so."
The Senate Banking Committee is reportedly scheduled to hold a confirmation hearing for candidate Warsh on the 16th.
The confirmation of a Fed chair nominee must pass through a Banking Committee hearing and then a full Senate vote. The 24-member Banking Committee consists of 13 Republicans and 11 Democrats. If all Democratic senators and at least one Republican senator oppose, the confirmation cannot pass the committee.
While the U.S. Department of Justice continues its intent to investigate Chairman Powell regarding excessive spending on the Fed building renovation, Senator Thom Tillis (R-NC), a member of the Banking Committee, maintains his opposition to Warsh's confirmation until the investigation into Chairman Powell is resolved.
Consequently, there are observations that the confirmation vote could be delayed, regardless of the hearing's occurrence.
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