NOMINATION OF KEVIN WARSH

On 2026-05-13, Senator John Thune (R-SD) delivered a floor speech titled "NOMINATION OF KEVIN WARSH" in the Senate.

NOMINATION OF KEVIN WARSH

Congressional Record, Volume 172 Issue 81 (Wednesday, May 13, 2026) [Congressional Record Volume 172, Number 81 (Wednesday, May 13, 2026)] [Senate] [Page S2250] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] NOMINATION OF KEVIN WARSH Mr. THUNE. Mr. President, later today, the Senate will finish considering the nomination of Kevin Warsh to be the 17th Chairman of the Federal Reserve. Leading the Federal Reserve System is an enormous task. The decisions the Fed makes affect Wall Street and Main Street and kitchen tables all across the country. So it is critical that we have people who understand not only the macro--the global economy and the markets--but who appreciate the microeconomy, and that is the hard-working Americans, their jobs, and their livelihoods. Kevin Warsh is just such a person. He credits his knowledge of the real economy to growing up in Upstate New York where his dad ran a children's clothing store and manufacturing company. From Shaker High School, he went on to Stanford University and then Harvard Law School. He then started a career on Wall Street, but he shifted to public service and joined the Bush administration's economic policy team in 2002. Four years later, President Bush nominated him to the Federal Reserve Board of Governors. At age 35, Kevin Warsh was unanimously-- unanimously--confirmed here in the Senate and became the youngest Governor in the history of the Federal Reserve. Being the youngest person to take a seat in the Federal Reserve's boardroom is impressive enough, but Kevin Warsh didn't just take his seat--he was a key player during the time he was on the Board. Kevin Warsh seems to have just the profile of a Federal Reserve Chairman; yet Democrats oppose his nomination. That is right. For the first time in its history, the Banking Committee reported out a nominee for Fed Chairman on a party line vote because every single Democrat opposed Mr. Warsh's nomination--and, actually, only one Democrat was even present for the vote. The other 10 Democrats on the Banking Committee didn't even bother to show up for it. And, yesterday on the floor, all but one Democrat opposed the first of Mr. Warsh's two nominations: his nomination to be on the Board of Governors. He has already had that job, and a number of Democrats actually supported his nomination the last time; but those same Democrats voted yesterday against appointing him to the Board, and I suspect they will do the same when it comes time to vote on his other nomination to be the Chairman later today. I wish I could say I am surprised, but this is just how bad Trump derangement syndrome has gotten on the other side of the aisle. Democrats won't say so, but that is what it is. I expect we are going to hear Democrats attempt to justify their opposition by suggesting that a Chairman Warsh would somehow threaten the Fed's independence. I have to say that is a pretty serious claim and one that doesn't really have any basis in reality. To begin with, Mr. Warsh's testimony before the Banking Committee should have put any concerns about his independence to rest, but if the depth of his commitment to Fed independence were at all unclear, I recommend my colleagues review a speech he gave in 2010, entitled ``An Ode to Independence,'' in which he said: Central bank independence is precious . . . Ensuring Fed independence--as the cornerstone of institutional credibility--is our charge to keep. It is central to what the Federal Reserve represents, and to how policy is conducted. Or they could ask Randall Kroszner, who served with Warsh on the Fed Board, who said: He's not an ideologue. Since I've known him, he was someone who tried to get things done. Or maybe--maybe--they could just ask the Democrat leader, who introduced Kevin Warsh at his 2006 confirmation hearing. He said then of Warsh: He knows unequivocally that the Fed must be independent, nonideological, and nonpartisan, and for this reason, I am proud to support his nomination. That was the Democrat leader's comments, who is now leading the charge in opposing Warsh's nomination. ____________________