Bessent urges Senate to proceed with Fed Chair confirmation hearing

U.S. Treasury Secretary Scott Bessent has urged the Senate Banking Committee to proceed with the confirmation hearing for Federal Reserve Chair nominee Kevin Warsh, Cointelegraph reported. The call comes as Republican Senator Thom Tillis has pledged to block the confirmation process for a successor until an investigation into current Fed Chair Jerome Powell is complete. In an interview with Fox News, Bessent noted that Tillis himself had described Warsh as a very strong candidate and suggested that the hearings should begin while they await the investigation's progress. However, Tillis remains firm, stating he will not cooperate with the confirmation before the investigation concludes, citing the need to protect the Fed's independence. Republicans hold 13 of the 24 seats on the Senate Banking Committee, but a dissenting vote from Tillis would give Democrats the deciding vote.