Warsh Moves Closer to Fed Chair

0:00It's April 30th. This is Global News Today, AI-powered stories from around the world. Senate Banking Committee just pushed Kevin Worsh one step closer to becoming the next federal reserve chair, voting 13-11 along party. Lies to approve him as Jerome Powell's replacement. Trump's been gunning for this, frustrated that Powell didn't slash interest rates low enough, and Worsh, a former top-fed insider turned critic, fits. The bill? He slammed the bank's handling of that 9.1 percent inflation spike in 2022 as its worst blunder in 40 years. Full Senate vote likely hits next month, right before Powell's term wraps on May 15th. Republicans like Senator Tim Scott hailed Worsh as battle-tested to bust free from what they call Bidenomics burdens on families, while Democrat. Elizabeth Warren blasted the move as Trump illegally grabbing Fed control, pointing to his pushes against Powell and others. Meanwhile, Powell's wrapping his probable last-rate setting meeting today, and he might

1:00stick around on the board to safeguard the Fed's independence. Blocking a Trump appointee, Worsh wants big shifts like new economic models, clear a public talk, and slimmer bond piles, plus faster rate cuts to ease mortgages and loans. But inflation's climbing to a two-year high of 3.3 percent amid the Iran war, spiking gas prices, so most Fed members want to hold steady. Before, hike rates first, Worsh will need time to sway them, especially replacing a rac cut fan, though he denies any direct Trump pressure despite the president's loud calls. For quicker drops, eyes stay glued as this Fed shake-up unfolds.