Why Sen. Warren voted no for Kevin Warsh as Fed chairman

Democratic Sen. Elizabeth Warren of Massachusetts says she already knew how she would cast her vote for President Trump's Federal Reserve nominee ahead of the Senate Banking Committee's meeting Wednesday: No. The committee voted 13-11 along party lines to approve Kevin Warsh, the president's pick to replace Fed Chairman Jerome Powell. The results set the stage for a confirmation vote in the full Senate.

Warren says the vote was all about the president trying to control the Fed because the economy is a mess. She adds that Trump promised lower costs on day one, but the cost of groceries, healthcare, housing and gas have all risen due to his policies.

"His big plan here is to take over the Fed and then create enough chaos around the Fed and try to juice the economy to carry him past the elections in November," Warren said in an interview with Morning Edition. "And I'm worried about what this is going to mean for families long term when Donald Trump has the Fed and does so much more damage to the economy long term."

Warsh has said there is room to cut interest rates without sparking inflation. The president has been a strong proponent of cutting interest rates. However, Warsh also told senators he would act independently and not take marching orders from the president.

If approved by the Senate, Warsh would be the third Trump-backed member of the Fed's seven-member Board of Governors.

Trump is also trying to remove Fed governor Lisa Cook, and is taking the case to the Supreme Court.

"If he's able to push her out the door, that gives him four, and that gives him complete control," Warren says.

While speaking with NPR's Steve Inskeep, Warren discussed the future of the Federal Reserve and the Justice Department's dropping of the probe into Powell.

Listen to the full interview by clicking on the blue play button above.

The web copy was written by Brittney Melton and edited by Suzanne Nuyen.

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