Senate Questions Fed Nominee on Trump Loyalty Pledge: CONGRESSIONAL ACTION TARGETS FED INDEPENDENCE

Senate Minority Leader Chuck Schumer (D-NY) and Ranking Member Elizabeth Warren (D-MA) issued a letter dated February 12, 2026, to Federal Reserve nominee Kevin Warsh, asking whether Trump required him to pledge loyalty or act at the president’s direction as a condition of his appointment. The senators sought confirmation on reports Trump pressured Warsh to lower interest rates and on the extent of executive influence over monetary policy. They emphasized the importance of Fed independence, noting pending investigations into current Chair Jay Powell and Trump’s public calls for rate cuts. Warsh, a former Fed governor from 2006–2011, has advocated for lower rates citing AI-driven productivity gains. Republican Sen. Thom Tillis (NC) has vowed to block confirmation pending resolution of the Powell probe. A response from Warsh has not been received.