The U.S. Senate Committee on Banking, Housing and Urban Affairs published a minority press release with a transcript of an exchange in which Ranking Member Senator Elizabeth Warren questioned Treasury Secretary Scott Bessent about whether the Department of Justice would sue or investigate Kevin Warsh, President Trump’s Federal Reserve Chair nominee, if he did not follow the President’s direction on cutting interest rates. Bessent declined to give such an assurance, responding that it was “up to the President,” and later characterized the President’s remark as a joke. Warren cited President Trump’s statement that “Anyone that disagrees with me will never be Fed Chairman,” noted that Warsh received the nomination “last Friday,” and asked Bessent to commit that Warsh would not face DOJ action for interest rate decisions. After Bessent reiterated that the matter was for the President, he said the President “made a joke” and referenced a separate joke about Warren; Warren replied that she did not think Americans were laughing and pointed to affordability pressures.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-02-05
U.S. Senate Committee on Banking hearing elicits Treasury Secretary view that DOJ action against Fed chair nominee Kevin Warsh is up to the President
The U.S. Senate Committee on Banking, Housing and Urban Affairs released a transcript where Senator Elizabeth Warren questioned Treasury Secretary Scott Bessent about potential Department of Justice actions against Federal Reserve Chair nominee Kevin Warsh if he opposed President Trump's interest rate directives. Bessent did not assure protection from DOJ action, stating it was the President's decision, and characterized Trump's remarks as jokes.