Warsh Advances as Fed Chair, Amid Economic Woes

0:00It's April 29th. Anchorage News today starts now, AI-powered and ready. I'm Cory with the story. Kevin Warsh, President Trump's pick to chair the Federal Reserve, moved forward Wednesday after the Senate Banking Committee voted 13 to 11. Along party lines. North Carolina Senator Tom Tillis provided the key Republican vote once the Justice Department dropped its probe into current Chair Jerome Powell. This comes as gas prices hit $4 and 23 cents per gallon nationwide. The highest in July 2022, fueled by the U.S. Iran conflict choking off key oil routes. Inflation sits at 3.3 percent above the Fed's 2 percent target, squeezing family budgets ahead of midterms. Democrats like Senators Elizabeth Warren and Raphael Warnock slammed the move, calling it Trump's push to control the independent Fed and prioritize. A recent poll shows 61 percent of Americans feel the economy's off track, with families

1:02worried about jobs and costs. Trump fired Fed Governor Lisa Cook last August, and the Supreme Court is now reviewing if that was legal. Warsh dodged questions on resisting unlawful firing, but testified he'd stay independent while Powell took him at his word during today's questioning. The Fed meets this afternoon on interest rates, possibly Powell's last call before his term ends, May 15th. With war costs at $25 billion so far, eyes stay glued on how this shakes out for everyday wallets.