Kevin Warsh, nominee for US Federal Reserve Chair, testifies during a Senate Banking Committee hearing on his nomination on Capitol Hill in Washington, DC, on April 21, 2026. Warsh, President Donald Trump's choice to lead the US Federal Reserve, vowed Tuesday to protect central bank independence at his confirmation hearing, despite intense pressure from the president. (Photo by Mandel NGAN / AFP via Getty Images)

US Senator Thom Tillis, Republican from North Carolina, questions Kevin Warsh, nominee for US Federal Reserve Chair, during a Senate Banking Committee hearing on Warsh's nomination on Capitol Hill in Washington, DC, on April 21, 2026. Warsh, President Donald Trump's choice to lead the US Federal Reserve, vowed Tuesday to protect central bank independence at his confirmation hearing, despite intense pressure from the president. The hearing will be scrutinized as it marks a key hurdle that Warsh must overcome to succeed Fed Chair Jerome Powell when his term ends on May 15. (Photo by Mandel NGAN / AFP via Getty Images)

Kevin Warsh, nominee for US Federal Reserve Chair, testifies during a Senate Banking Committee hearing on his nomination on Capitol Hill in Washington, DC, on April 21, 2026. Warsh, President Donald Trump's choice to lead the US Federal Reserve, vowed Tuesday to protect central bank independence at his confirmation hearing, despite intense pressure from the president. (Photo by Mandel NGAN / AFP via Getty Images)

Kevin Warsh, nominee for US Federal Reserve Chair, testifies during a Senate Banking Committee hearing on his nomination on Capitol Hill in Washington, DC, on April 21, 2026. Warsh, President Donald Trump's choice to lead the US Federal Reserve, vowed Tuesday to protect central bank independence at his confirmation hearing, despite intense pressure from the president. (Photo by Mandel NGAN / AFP via Getty Images)

Kevin Warsh, nominee for US Federal Reserve Chair, testifies during a Senate Banking Committee hearing on his nomination on Capitol Hill in Washington, DC, on April 21, 2026. Warsh, President Donald Trump's choice to lead the US Federal Reserve, vowed Tuesday to protect central bank independence at his confirmation hearing, despite intense pressure from the president. (Photo by Mandel NGAN / AFP via Getty Images)

Kevin Warsh, nominee for US Federal Reserve Chair, testifies during a Senate Banking Committee hearing on his nomination on Capitol Hill in Washington, DC, on April 21, 2026. Warsh, President Donald Trump's choice to lead the US Federal Reserve, vowed Tuesday to protect central bank independence at his confirmation hearing, despite intense pressure from the president. (Photo by Mandel NGAN / AFP via Getty Images)

Kevin Warsh, nominee for US Federal Reserve Chair, testifies during a Senate Banking Committee hearing on his nomination on Capitol Hill in Washington, DC, on April 21, 2026. Warsh, President Donald Trump's choice to lead the US Federal Reserve, vowed Tuesday to protect central bank independence at his confirmation hearing, despite intense pressure from the president. (Photo by Mandel NGAN / AFP via Getty Images)

US Senator Thom Tillis, Republican from North Carolina, questions Kevin Warsh, nominee for US Federal Reserve Chair, during a Senate Banking Committee hearing on Warsh's nomination on Capitol Hill in Washington, DC, on April 21, 2026. Warsh, President Donald Trump's choice to lead the US Federal Reserve, vowed Tuesday to protect central bank independence at his confirmation hearing, despite intense pressure from the president. The hearing will be scrutinized as it marks a key hurdle that Warsh must overcome to succeed Fed Chair Jerome Powell when his term ends on May 15. (Photo by Mandel NGAN / AFP via Getty Images)