Powell Probe Stalls Fed Nominee Showdown

Another Fine Mess at the Fed

Good news everyone. Seems like things are heating up faster than a Bender Bending Rodriguez barbecue at the Federal Reserve. Senator Tim Scott the big cheese of the Senate Banking Committee is apparently hoping this whole investigation into Fed Chair Jerome Powell just poofs out of existence. He's itching to get Kevin Warsh President Trump's pick into the hot seat. According to Scott getting rid of this "proceeding" is the key to getting the Fed back on track. Sounds like a recipe for disaster or at least a mild inconvenience. Remember a similar situation arose a few years back in regards to another prominent political figure. Good news? Bad news? Who knows. Only time will tell.

The Tillis Tantrum

But hold on to your hats because Senator Thom Tillis is throwing a wrench into the works. He's vowed to block any Fed nominees until this Powell situation is sorted out. He thinks this whole thing stinks worse than a dumpster behind Elzar's Fine Cuisine. According to Tillis this isn't about personalities; it's about the process and the bedrock principle of Fed independence. He is not alone in his thoughts but he is one of the more prominent voices about it. Speaking of things stinking have you read the article on Cocktails and Cutbacks Is the Party Over for Premium Spirits? It might be something to make you think as well.

Cramer's Calculated Confidence

Meanwhile Senator Kevin Cramer seems pretty optimistic. He can't see why the Democrats wouldn't jump on the Warsh bandwagon. Apparently Warsh hasn't said or done anything to ruffle their feathers. Cramer expects a rigorous interview process of course but he's confident they'll get Warsh across the finish line before Powell's term ends. "Shut up and take my money." That sounds like a good plan to him.

Banks Bets on Lower Costs

Senator Jim Banks is also singing Warsh's praises. He claims Warsh understands the importance of bringing down high costs and interest rates for working families. Banks believes Warsh has the experience to get the job done and is urging the Senate to confirm him pronto. "I am the greetest!" Banks proudly announced.

Powell's Predicament

So what's the deal with this investigation anyway? Apparently it's partly based on testimony Powell gave to the Senate Banking Committee last year. Scott claims Powell was "woefully unprepared" but doesn't believe he committed a crime. Sounds like someone needs a good dose of Slurm Loco. A bit dramatic to say the least but is it warranted?

The Waiting Game

The Senate is supposedly going to start confirmation hearings for Warsh as soon as possible according to Scott. But with this investigation hanging over everything it's hard to say when that'll actually happen. In the meantime it seems like the Fed is stuck in a bureaucratic limbo which frankly isn't all that different from its usual state. As always only time will tell.