The hearing marks a key hurdle Kevin Warsh must overcome in order to succeed Jerome Powell when his term ends on 15 May
Jerome Powell’s term as chair ends on 15 May. He said last month that he would remain as chair until a successor is named.
Powell also is serving a separate term as a member of the Fed’s governing board that lasts until January 2028.
Fed chairs typically leave the board when their terms as chairs ends, but Powell also said last month he would remain on the board, even if a new chair is approved, until the investigation is dropped.
When asked about Powell’s comments, Trump said he would fire Powell if he tried to stay at the Fed.
