Washington —
Federal Reserve Chairman Kevin Warsh on Tuesday offered his most detailed account yet of the sweeping changes he’s ushering in at America’s central bank and the philosophy behind them.
Warsh appeared before the House Financial Services Committee to deliver the Fed’s semiannual Monetary Policy Report, a routine overview of the central bank’s affairs in recent months. He is scheduled to appear before the Senate Banking Committee on Wednesday.
The new Fed leader repeated many of the themes from his first news conference last month, after officials voted to hold their benchmark lending rate steady for the fourth consecutive meeting. That included his commitment to bringing inflation under control and his plan to establish five task forces review factors affecting monetary policy.
In his exchanges with House lawmakers on Tuesday, Warsh provided new details on how the task forces will present their findings. He was also pressed repeatedly on his views about the Fed’s political independence, the potential economic impact of AI and the lessons he drew from serving as a Fed governor during the 2008 global financial crisis.
