Donald Trump and Jay Powell are set for a showdown on whether the Federal Reserve chair has the right to remain in position should the US president fail to get his successor, Kevin Warsh, confirmed in time.
Warsh is set to appear before the Senate banking committee next Tuesday — but he could struggle to secure congressional approval ahead of the end of Powell’s term as chair on May 15.
Republican Thom Tillis of North Carolina, who sits on the influential committee, has said he will block Warsh’s nomination from reaching the Senate floor until the Department of Justice drops its probe into Powell.
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