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Congressman urges prompt Senate confirmation of Kevin Warsh, outlines Fed priorities
Summary
A congressman told interviewer Marie he expects a prompt Senate confirmation of Kevin Warsh and said Warsh should settle into the Federal Reserve Board, shape the FOMC's procedures, and coordinate bank supervision and Basel III implementation.
A congressman said he expects the Senate to move quickly to confirm Kevin Warsh as chairman of the Federal Reserve and described the immediate priorities the nominee should address.
"He's imminently qualified in his academic experience, his financial market experience," the congressman said, adding that Warsh previously served as a governor "during one of the toughest times in American financial history." The lawmaker said Warsh should "settle in and put his imprint both on the open market committee and its operations and its procedures," and take the lead across the Fed Board of Governors.
The congressman urged coordination with the vice chair for supervision, named in the interview as Mickey Bowman, and said the new chair should focus on bank supervision, growth and capital standards. "Considering Basel 3 capital standards," he said, would be part of the agenda as the chair builds relationships with the rotating 12 Federal Open Market Committee bank presidents.
He also warned that Warsh would inherit short-term inflation pressures tied to "this hopeful short term engagement in The Gulf," noting international developments could complicate the job.
The interview offered no timetable for a Senate vote; the congressman said he looks forward to a "prompt confirmation" and to Warsh taking steps to shape monetary policy and supervisory practice once confirmed.
