Banking and Finance Law Daily Wrap Up, FEDERAL RESERVE SYSTEM—Senators Padilla, Schiff voice opposition to Warsh nomination for Fed Chair, (Feb 3, 2026)
Organizations Mentioned:Federal Reserve Board of Governors
“The President’s war on the Fed and its independence must end, and until it does, we will oppose every one of his nominees to the Federal Reserve Board of Governors, including this one,” the California senators said.
In reaction to President Donald Trump’s announcement that he will nominate Kevin Warsh to be the next Chair of the Federal Reserve (see Banking and Finance Law Daily, Jan. 30, 2026), Sens. Alex Padilla (D-Calif.) and Adam Schiff (D-Calif.) released a statement opposing the nomination as long as “[t]he President’s war on the Fed and its independence” continues.
“The most important criteria for a new Fed Chair will be their ability to withstand political pressures and make decisions independently from the White House,” the senators said. “Kevin Warsh’s willingness to alter his views on monetary policy to appease the President should be deeply concerning to everyone.” The senators added that “[a]t a time when the administration’s economic policies are driving up inflation and putting basic affordability further out of reach for more Americans, it is particularly important for us to make sure the Federal Reserve is acting in the public’s best interest and not simply complying with the personal whims of the executive.”
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