Elizabeth Warren Clashes With Fed Chair Kevin Warsh Over Ethics

Federal Reserve Chairman Kevin Warsh came under sharp questioning from Democratic Sen. Elizabeth Warren during a Senate hearing over an alleged ethics issue involving Fed Vice Chair for Supervision Michelle Bowman, reported by CNN.

The Wall Street Journal reported that Bowman discussed interest rates during the gathering, although CNN said it had not independently verified the claim.

Warsh declined to say whether he had spoken to Bowman, citing an ongoing investigation by the Federal Reserve's independent inspector general, Michael Horowitz. He said he respected the investigative process and would not interfere with it.

Warren criticized Warsh's response, saying his approach "seems to invite corruption" and pressed him repeatedly for a direct answer, according to CNN.

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Federal Reserve Chair Kevin Warsh testified before a House committee on the Semi-Annual Monetary Policy Report. The report, which is required to be delivered to Congress twice a year in February and July, outlines the state of the U.S. economy.

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tippinsightsTIPP Staff