Fed chair nominee Warsh stresses commitment to independence

Kevin Warsh, nominated by US President Donald Trump to serve as the Federal Reserve's next chair, said he was committed to preserving independence of monetary policy.

The text of Warsh’s opening remarks for Tuesday’s hearing before the Senate Committee on Banking, Housing, and Urban Affairs was released ahead of the session.

According to the prepared remarks, Warsh underscored the importance of monetary policy independence, saying policymakers’ decisions should be grounded in analytical rigor and meaningful deliberation.

"I am committed to ensuring that the conduct of monetary policy remains strictly independent," Warsh said.

He added that he is equally committed to working with the administration and Congress on matters within the Fed’s jurisdiction that fall outside monetary policy.

Warsh also pledged to uphold accountability across all of the Fed’s functions.

"If confirmed as chairman, I will seek to bring the experience of a one-time insider and the questioning spirit of an outsider. I will keep the Fed mindful of its limits, focused on its mission, and delivering on its mandate. I will be faithful to the Constitution, to the Federal Reserve Act, and to the best of the Fed’s traditions," he added.

*Writing by Mucahithan Avcioglu in Istanbul