Federal Reserve chair nominee declines to say whether Biden won 2020 election

(The Hill) — Kevin Warsh, President Trump's nominee for chairman of the Federal Reserve, declined to say Tuesday whether former President Biden defeated Trump in the 2020 election.

When asked by Sen. Elizabeth Warren (D-Mass.), the ranking member on the Senate Banking Committee, whether Biden won the 2020 election, Warsh replied, "We try to keep politics, if I'm confirmed, out of" the Fed.

"I'm just asking a factual question," Warren followed up. "I need to know. I need to measure your independence and your courage."

Warsh then replied, "Senator, I believe that this body certified that election many years ago," to which the Massachusetts Democrat said that is "not the question" she is asking.

"I'm asking, did Donald Trump lose in 2020?" she continued.

"And I'm suggesting to you in 2020 the Fed made a huge inflation problem, and you certified the election," the former Fed board member responded. "We need to keep politics out of monetary policy and keep monetary policy out of politics."

Biden won the 2020 presidential election, capturing 306 electoral votes to Trump's 232. In the wake of his loss, the president and his allies mounted dozens of legal efforts to overturn the results in various states.

But those lawsuits were dismissed, and Congress certified Biden's victory on Jan. 6, 2021 — in the wake of the attack on the Capitol. Since then, Trump has falsely insisted he won the 2020 election and alleged that voter fraud occurred in multiple swing states that Biden won, including Georgia and Pennsylvania.

The back-and-forth with Warren was part of a testy discussion Warsh had with the progressive senator on a variety of topics.

Warren started her line of questioning by pressing Warsh on his financial disclosures. He submitted a 69-page financial document earlier this month to the U.S. Office of Government Ethics, reporting that his assets are valued between $131 million and $209 million.

The documents, though, did not include information on whether he holds stock in any bank, banking institution or trust company. Under the Federal Reserve Act, all board members are prohibited from having holdings in such institutions.

Warren also asked Warsh whether the Juggernaut Fund LP, which his financial disclosure revealed he had an investment in that is worth more than $50 million, invests in any companies affiliated with Trump or his family, companies that have facilitated money laundering, Chinese controlled companies or "financing vehicles" established by convicted sex offender Jeffrey Epstein.

Two emails released by the Justice Department earlier this year list Warsh as a guest to a pair of gatherings that Epstein seemingly attended.

Warsh replied by saying that the Fed has "two tools," including monetary policy and its credibility. The Massachusetts Democrat then repeated her question, to which the Fed nominee responded that he has worked with officials at the Office of Government Ethics on the matter.

Roughly two minutes later, the senator asked Warsh whether he disagrees with any of the president's economic agenda. After a brief exchange, he said he disagreed with Trump's characterization that he was out of "central casting."

"I think central casting, I'd look older, grayer, maybe show up here with a cigar of sorts," the 56-year-old added.

"Quite adorable," the Massachusetts Democrat retorted.