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elizabeth warren
Fetterman and Senate GOP Confirm Trump 'Sock Puppet' Warsh as Fed Chair
"Warsh's confirmation is another step in Trump's attempt to take over the Fed. That's not good for working families—it's good for Wall Street," said Sen. Elizabeth Warren.
May 13, 2026
The US Senate on Wednesday voted to confirm Kevin Warsh, the financier picked by President Donald Trump to be the next chair of the Federal Reserve.
Sen. John Fetterman (D-Pa.) joined with all Senate Republicans in voting to confirm Warsh, whose nomination was opposed by all other Senate Democrats except for Sen. Kirsten Gillibrand (D-NY), who did not vote.
US Treasury Secretary Scott Bessent thanked Republican senators and Fetterman for backing Warsh's confirmation, which he predicted would "usher in a new day at an institution that is in need of accountability, sound policy guidance, and the renewed sense of purpose to help guide our economy."
Warsh's nomination has been controversial from the start given that Trump has repeatedly undermined the US central bank's independence by browbeating outgoing Federal Reserve Chairman Jerome Powell to lower interest rates.
After the confirmation vote, Sen. Elizabeth Warren (D-Mass.) warned that Warsh would try to carry out Trump's demands to lower rates, even as key metrics show that inflation has accelerated in recent months thanks to the president's illegal war with Iran.
"Trump wants to control interest rates, and he nominated Kevin Warsh to be his sock puppet," wrote Warren in a social media post. "Warsh's confirmation is another step in Trump's attempt to take over the Fed. That's not good for working families—it's good for Wall Street."
Sen. Dick Durbin (D-Ill.) said he voted against Warsh's nomination because "working families are struggling more than ever to afford basic goods," and "they need a central bank that will fight for them, not the president and billionaires."
"I am not convinced that Warsh has the willingness to do what is best for the American people," Durbin added. "For that reason, I voted no on his nomination."
While Trump may want Warsh to start slashing interest rates to boost the economy, he likely faces an uphill climb in convincing other Fed board members.
Data released by the US Bureau of Labor Statistics this week showed the consumer price index posted a year-over-year increase of 3.8%, the highest rate of inflation since May 2023, driven by energy prices that surged nearly 18% from the year before.
Additionally, the latest producer price index, which measures wholesale prices paid by businesses and is considered a strong predictor of future inflation, posted a year-over-year increase of 6% in April, indicating inflation will likely accelerate in the coming months.
During Powell's final meeting as Fed chair last month, the board voted to hold interest rates steady, with several board members indicating opposition to projecting future rate cuts in the near term given signals of rising inflation.
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Warren Warns Bipartisan Bill Would 'Turbocharge Donald Trump's Crypto Corruption'
"In just one year in office, the president and his family have raked in at least $1.4 billion in gains from crypto deals alone, and yet this bill stunningly includes zero provisions to prevent that."
May 12, 2026
US Sen. Elizabeth Warren warned Monday that bipartisan cryptocurrency legislation set to come before a key committee later this week would do nothing to rein in brazen profiteering by President Donald Trump and his family.
“This bill puts investors, our national security, and our entire financial system at risk—and it will turbocharge Donald Trump’s crypto corruption," Warren (D-Mass.), the top Democrat on the Senate Banking Committee, said following the release of legislative text for the Digital Asset Market Clarity Act. "In just one year in office, the president and his family have raked in at least $1.4 billion in gains from crypto deals alone, and yet this bill stunningly includes zero provisions to prevent that."
"The American people are watching," Warren added. "No member of the committee should support a bill that fails to stop the massive conflict of interests posed by Donald Trump and his family’s crypto ventures."
The Trump family's foray into digital assets and creation of what one outlet called a "global crypto cash machine" is largely responsible for the explosion of the president's net worth since the start of his second White House term. "In one form or another, crypto accounted for $3.02 billion of the president’s profits from August 2025 to January 2026," MS NOW reported earlier this month.
Warren and other Senate Democrats are pushing for the inclusion of ethics language that would limit government officials' ability to profit off digital assets, but a closed-door meeting on Tuesday ended without an agreement. Senators on the Banking Committee are set to meet Thursday to mark up the crypto measure, which supporters have billed as "comprehensive market structure legislation that establishes a clear regulatory framework for digital assets."
"This bill is the product of more than ten months of bipartisan negotiations and extensive engagement with regulators, law enforcement, academics, and industry," the Senate Banking Committee's Republican majority said in a statement Tuesday.
Last week, the consumer advocacy group Public Citizen demanded in a letter to members of the banking panel that the bill "include prohibitions on federally elected officials, including the president, from engaging in any cryptocurrency venture." The group called on lawmakers to insert a ban on "any form of crypto issuance, ownership, sponsorship, promotion, endorsement, and/or profiteering by a federally elected official" and a divestiture requirement for officials with existing crypto holdings.
Public Citizen also urged lawmakers to "penalize crypto quid pro quo" by requiring fines or prison time for "any federally elected official, including the president, who, directly or indirectly, corruptly demands, seeks, receives, accepts, or agrees to receive or accept anything of value personally, including crypto-related transactions."
"President Trump’s expansive ventures into crypto already violate several existing laws," Public Citizen said. "Approving a bill that fails to confront these violations would explicitly declare that lawmakers countenance such infractions."
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In Dead of Night, Senate GOP Schedules Vote on Trump Fed Pick
"No Republican claiming to care about Fed independence should support moving forward the nomination of Kevin Warsh," said Sen. Elizabeth Warren.
Apr 25, 2026
In the late hours of Friday night, Republicans on the Senate Banking Committee scheduled a vote to advance President Donald Trump's pick to lead the Federal Reserve, shortly after the Justice Department announced it was dropping its criminal probe into the current head of the central bank, Jerome Powell.
The committee vote will take place on April 29, putting megarich financier Kevin Warsh on track for full Senate confirmation by the time Powell's term as Fed chair ends on May 15. Sen. Elizabeth Warren (D-Mass.), the top Democrat on the banking panel, said in a statement early Saturday morning that "either the Republican majority is fooled easily or they are hoping to fool the American people," arguing that the Justice Department only agreed to drop its widely condemned probe of Powell—for now, at least—to clear the way for Warsh's confirmation.
"The Department of Justice threatened to restart the investigation into Fed Chair Powell at any time while continuing its probe against Gov. Lisa Cook," said Warren. The senator pointed to White House Press Secretary Karoline Leavitt's remark on Friday that the investigation into Powell "is not necessarily dropped, it's just being moved over to the inspector general."
The probe into the Fed's building renovations produced no evidence of a crime and was seen as a politically motivated attack on Powell, whom Trump has targeted repeatedly for not supporting the president's desired monetary policy. Trump originally nominated Powell to lead the central bank in 2017.
Warren said Saturday that "no Republican claiming to care about Fed independence should support moving forward the nomination of Kevin Warsh, who proved in his nomination hearing to be nothing more than President Trump’s sock puppet.”
While the DOJ investigation into Powell was ongoing, Sen. Thom Tillis (R-NC)—a banking committee member—put a hold on Warsh's confirmation. As of this writing, Tillis has yet to indicate he is satisfied with federal prosecutors' announcement of an end to the Powell investigation.
Warren and other critics see Warsh as someone who would bow to Trump's influence at the Federal Reserve. During his confirmation hearing, Warsh declined to say whether Trump lost the 2020 election, which the president still falsely claims was stolen.
"He argues he's going to be an independent Fed chair, but refuses to acknowledge that Trump lost the 2020 election," said economist Justin Wolfers. "If you can't state simple facts when you're in the political spotlight, you aren't independent. You're a coward."
Observers have also raised concerns about Warsh's financial disclosures—or lack thereof. In recent Senate filings, Warsh disclosed owning assets worth between around $135 million and $226 million, but he did not provide specific details about more than $100 million in holdings, citing confidentiality agreements.
Warren told reporters earlier this month that after meeting with Warsh, she spoke with "the White House briefer on the FBI investigation into Mr. Warsh’s background."
"And what I can say about that report," said Warren, "is that I was told that the FBI made zero investigation into any of Mr. Warsh’s financial holdings, including those that he is refusing to disclose, and that they made zero investigation as to why [Warsh] appears in the publicly available Epstein files and whether he appears in other files that have not been made public.”
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