Senate Federal Reserve

Kevin Warsh testifies during his nomination hearing to be a member and chairman of the Federal Reserve Board of Governors before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington Tuesday, April 21, 2026.

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Warsh says he got no pressure from Trump to cut rates even as president publicly pushes for them

Warsh says he got no pressure from Trump to cut rates even as president publicly pushes for them

President Donald Trump’s nominee to chair the Federal Reserve says that he never promised the White House he would cut interest rates, even as the president renewed his calls for the central bank to do so. The comments underscore the challenge faced by Kevin Warsh, 56, a former top Fed official whom Trump named in January to replace the current Fed chair, Jerome Powell. Democrats on the committee accused Warsh on Tuesday of flip-flopping on interest rates over the years, supporting higher interest rates under Democratic presidents and advocating rate cuts during Trump’s time in office.