Trump Says "Warsh Would Have Been Out If He Wanted to Raise Rates," Beshear Claims President Can Intervene with the Fed

Odaily News According to US President Donald Trump, if Kevin Warsh had expressed a desire to raise interest rates, he would not have chosen Warsh as his nominee for Federal Reserve Chair.

"If he came in and said, 'I want to raise interest rates,' he wouldn't have gotten the job, absolutely not," Trump said in an interview with NBC News on Wednesday.

He stated that there is "no" doubt the Fed will cut rates because "our interest rates are too high," but now "we are a rich country again." When asked if Warsh understood that Trump wanted him to lower the benchmark rate, the President replied, "I think he understood, but I think he wanted to cut rates anyway."

Additionally, Trump is currently attempting to remove Federal Reserve Governor Lisa Cook "for cause," citing allegations of mortgage fraud, a case currently being heard by the Supreme Court. US Treasury Secretary Beshear stated during a hearing before the House Financial Services Committee that he believes the Fed is an independent institution, but the President has the authority to intervene in the Fed's decisions.