The Federal Reserve's ability to make decisions free from political pressure is one of the most important safeguards in the American economy. It protects ordinary people — workers, savers, retirees — from the consequences of interest rates being set for political reasons rather than economic ones. That independence is now under serious threat.

President Trump's nominee to lead the Federal Reserve, Kevin Warsh, appeared before the Senate Banking Committee on April 22, 2026. Under sworn testimony, Warsh stated that Trump had never pressed him to cut interest rates during their meetings. But according to a Wall Street Journal report — confirmed by Trump himself in a Journal interview — the president did exactly that, pressing Warsh on his commitment to rate cuts during a 45-minute meeting as a condition of his selection.

When Senator Ruben Gallego confronted Warsh with this contradiction, Warsh did not correct the record. Instead, he attacked the reporters who wrote the story, saying they "need better sources, or better journalistic standards." One of those sources was the President of the United States.

Either Warsh misled the Senate, or he is willing to publicly contradict the president who nominated him to protect himself politically. Neither is acceptable in someone who would lead the most powerful financial institution in the world.

The Federal Reserve must be able to set interest rates based on what's best for the economy — not what's best for the president's poll numbers. A Fed chair who entered the job after promising rate cuts to a president — or who would deny such a promise under oath — cannot credibly claim that independence.

We urge the Senate to reject Kevin Warsh's nomination and protect the integrity of the Federal Reserve.