Democrats Press Warsh for Transparency on Trump Conversations

A group of Democratic senators is calling for Federal Reserve Chair Kevin Warsh to publicly disclose his conversations with President Trump, citing recent reporting that raises 'sincere doubts' about the central bank's independence from the White House under his leadership.

The senators point out that Warsh and Trump have spoken 'repeatedly' since he was confirmed in April to replace former Chair Jerome Powell. The president has already pressured the Fed chief to consult him on interest rate decisions, which is a departure from the norm of the central bank's independence.

Warsh stressed his commitment to the Fed's independence during testimony before the House Financial Services Committee last month, saying that 'Fed independence is essential to the proper conduct of monetary policy.' However, the senators argue that his failure to disclose reported calls with the president raises questions about the Fed's relationship with the White House.

The senators' request was led by Sen. Chris Van Hollen (D-Md.) and joined by Democratic Sens. Jack Reed (R.I.), Angela Alsobrooks (Md.), and Elizabeth Warren (Mass.).