Senator Elizabeth Warren of Massachusetts clashed with a CNBC anchor Wednesday during a sharp exchange over the independence of the Federal Reserve. The friction began on “Squawk on the Street” when host Sara Eisen compared Warren’s advocacy for specific Fed nominees to President Donald Trump’s influence over the central bank.
The conversation centered on Kevin Warsh, the president’s nominee to lead the Federal Reserve. Warren has consistently argued that Warsh is unfit for the role, citing a lack of independence from the White House.
When Eisen pointed out that Warren had previously supported nominees like Janet Yellen and Lael Brainard based on shared policy views, suggesting the two situations were similar, the Senator’s tone shifted immediately.
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“I’m sorry, is that real?” Warren asked. “It is not different to just say, here’s my opinion and here’s how I read the numbers and here’s who I think has a good track record? You think that’s the same as being the president of the United States and employing the Department of Justice to bring criminal charges against someone?”
Warren further alleged that Trump is attempting to “control the Fed by terrifying all of them,” citing a criminal inquiry against current chair Jerome Powell regarding testimony about building renovations.
This televised spat followed a contentious Senate Banking Committee hearing on Tuesday. During that session, Warren repeatedly pressed Warsh to name a single point of disagreement he had with the president’s economic agenda. “Just one, just one little place where you disagree with Donald Trump,” she urged.
Warsh opted for a lighthearted response, noting that the president had described him as being from “central casting.” Warsh joked, “I think central casting, I’d look older, grayer, maybe show up here with a cigar of sorts.”
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The remark did not land well with the Massachusetts Senator. “Quite adorable,” Warren replied. “But, you know, we need a Fed chair who is independent. If you can’t answer these questions, you don’t have the courage and you don’t have the independence.”
Throughout the confirmation process, Warsh has defended his record and his intent to remain autonomous.
He told the committee he would not function as a “human sock puppet” for the administration and maintained that he would refuse any direct orders from the president regarding interest rate adjustments.
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