All posts tagged: SPDR S&P Bank ETF

Powell says he will stay on as head of the Fed until Warsh is confirmed

Powell says he will stay on as head of the Fed until Warsh is confirmed

Published by Sam Flores

U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee (FOMC), at the Federal Reserve in Washington, D.C., U.S., March 18, 2026. Kevin Lamarque | Reuters Federal Reserve Chair Jerome Powell says he will keep serving as head of the central bank if his nominated successor, Kevin Warsh, is not confirmed by the time his term is up in May, as dictated by the law. Separately, Powell said he will not leave his Board of Governors position, which technically extends until early 2028, until the Department of Justice investigation of him is “well and truly over with transparency and finality.” Powell said during his Wednesday press conference that he would serve as “chair pro tem” if Warsh, President Donald Trump’s pick to take over the role, has not been greenlighted by the Senate. That follows precent done in several past scenarios, Powell said. The Fed chief’s position on the Board of Governors is separate from his chairmanship. Powell said he wouldn’t exit the board until …

Fed subpoenas blocked by judge; DOJ to appeal

Fed subpoenas blocked by judge; DOJ to appeal

Published by Sam Flores

A federal judge in a scathing ruling blocked subpoenas issued by a grand jury to the Federal Reserve as part of a criminal investigation of Chair Jerome Powell. U.S. Attorney for the District of Columbia Jeanine Pirro immediately said that the Department of Justice would appeal what she called the “outrageous” ruling, after it was unsealed Friday. Friday’s action will likely keep Powell in the chairman’s seat longer because Sen. Thom Tillis, R-N.C., has vowed to block Kevin Warsh’s confirmation to succeed Powell until the federal investigation ends. That may mean interest rates remain higher than President Donald Trump wants for longer because Powell has refused to bend to the president’s demands to lower them further. U.S. District Judge James Boasberg, in his ruling, said evidence showed Pirro was motivated to investigate Powell because of a desire to get the Fed chief to bow to Trump and cut interest rates quickly and broadly. Pirro’s investigation purportedly is focused on the Fed’s multibillion-dollar renovation of its headquarters in Washington and on Powell’s testimony to the Senate …

Fed chair pick Kevin Warsh meets with more senators

Fed chair pick Kevin Warsh meets with more senators

Published by Sam Flores

Federal Reserve chairman nominee Kevin Warsh’s chances of getting quickly confirmed by the Senate looked as gloomy as the weather in Washington on Thursday as he met with more senators in a bid to bolster his chances. “It doesn’t look like such a nice day today,” Warsh quipped to a CNBC reporter in the Hart Senate Office Building, as heavy rain poured outside, on his way to a chat with Sen. Mike Rounds, R-S.D. “Things are progressing well, good to see you,” Warsh said when asked how the meetings were going. Rounds, after the meeting, posted on X that Warsh “will help keep the central bank accountable and focused on its statutory mission.” Warsh’s nomination by President Donald Trump is bogged down because of an effective blockade imposed by Sen. Thom Tillis, a North Carolina Republican who sits on the Banking Committee. That panel is the first hurdle for would-be Fed board members such as Warsh. Read more CNBC politics coverage Tillis has vowed to vote against passing along Warsh’s nomination or any other Fed …

Tim Scott hopes Fed Chair Powell investigation ‘goes away’ for Warsh

Tim Scott hopes Fed Chair Powell investigation ‘goes away’ for Warsh

Published by Sam Flores

Sen. Tim Scott on Wednesday said he hopes the federal investigation into Federal Reserve Chair Jerome Powell “goes away” so the Senate can take up the nomination of Kevin Warsh, President Donald Trump’s pick to replace the head of the U.S. central bank. “That proceeding going away allows for us to get the Fed fully functioning, back on target,” Scott, who chairs the Senate Banking, Housing and Urban Affairs Committee, said during an appearance on CNBC’s “Squawk Box.” Read more CNBC politics coverage Sen. Thom Tillis, R-N.C., has vowed to hold up any Fed nominees until a federal criminal investigation into Powell is resolved. Trump floated the idea of firing Powell last year and lashed out at the Fed chair for refusing to cut interest rates to the extent he desired. Powell has denied any wrongdoing and has said he is being targeted for refusing to accede to Trump’s demands. Powell was expected to testify before Congress on Feb. 11, but missed that date because of the federal probe, Scott said. “I had a conversation with …

Tillis maintains blockade on Fed pick Warsh over Powell probe

Tillis maintains blockade on Fed pick Warsh over Powell probe

Published by Sam Flores

There is nothing that Federal Reserve chair nominee Kevin Warsh could say to get Sen. Thom Tillis to end his blockade on Warsh’s confirmation, the North Carolina Republican said Tuesday. Tillis has vowed not to vote for any Fed nominees, including Warsh, until a criminal investigation into Fed Chair Jerome Powell is resolved. Powell, who denies any wrongdoing, has said he is really being targeted for his refusal to cut interest rates as broadly and as quickly as demanded by President Donald Trump. “No, no,” Tillis told reporters at the U.S. Capitol, when asked if Warsh could tell him anything at their meeting later in the day to change the senator’s position on blocking a full Senate vote on the nomination. “This is not about people, it’s about process,” Tillis said. “I think this is a foul.” After the meeting, Tillis told reporters that he would vote against advancing Warsh’s nomination from the Banking Committee if the Powell probe is not finished by then. “This is about this is bedrock principle of Fed independence,” the …

Fed nominee Warsh will meet the senator blocking his confirmation

Fed nominee Warsh will meet the senator blocking his confirmation

Published by Sam Flores

U.S. Senator Thom Tillis (R-NC) attends a Senate Banking, Housing and Urban Affairs Committee hearing on the Financial Stability Oversight Council’s annual report to Congress, on Capitol Hill in Washington, D.C., U.S., February 5, 2026. Jonathan Ernst | Reuters Federal Reserve chair nominee Kevin Warsh will meet this week with the Republican senator who has been blocking his nomination in objection to President Donald Trump’s attacks on the central bank. Warsh will meet with Sen. Thom Tillis of North Carolina, the senator’s office said Monday. Warsh will also meet with Sen. Kevin Cramer, R.-N.D., the senator told CNBC. The Senate Banking Committee, where both Cramer and Tillis are members, oversees nominees to the Fed. Other meetings with members of the committee are expected this week. Read more CNBC politics coverage Tillis has praised Warsh’s acumen as a potential Fed chair but has said he won’t vote to confirm any Fed nominees until the Department of Justice drops a criminal investigation into Chair Jerome Powell. Powell has called the probe a pretext to punish him for …

Trump officially nominates Kevin Warsh as Federal chair

Trump officially nominates Kevin Warsh as Federal chair

Published by Sam Flores

Kevin Warsh, former governor of the US Federal Reserve, during the International Monetary Fund (IMF) and World Bank Spring meetings at the IMF headquarters in Washington, DC, US, on Friday, April 25, 2025. Tierney L. Cross | Bloomberg | Getty Images President Donald Trump on Wednesday officially nominated Kevin Warsh to be the next chairman of the Federal Reserve. Warsh, if confirmed by the Senate, would succeed Fed Chairman Jerome Powell, for a four-year term. Trump’s nomination was transmitted to the Senate, the White House said in a statement posted online on Wednesday. That transmittal came more than a month after Trump first publicly announced he wanted Warsh as the Fed chairman. Sen. Thom Tillis, a North Carolina Republican, has said he would block Warsh’s nomination from proceeding in the Senate until a federal criminal investigation of Powell by the U.S. attorney’s office in Washington, D.C., is dropped. Read more CNBC politics coverage Tillis’ stance could prevent the nomination from being considered by the full Senate. Powell said in mid-January that he was under investigation …

Goldman Sachs lawyer Kathryn Ruemmler asked to testify

Goldman Sachs lawyer Kathryn Ruemmler asked to testify

Published by Sam Flores

FILE PHOTO: White House counsel Kathryn Ruemmler listens as President Barack Obama speaks at an installation ceremony for FBI Director James Comey at FBI Headquarters in Washington, Monday, Oct. 28, 2013. Charles Dharapak | AP The House committee investigating the notorious sex offender Jeffrey Epstein has asked Goldman Sachs‘ top lawyer, Kathryn Ruemmler, to testify about her interactions with Epstein, her spokeswoman said Tuesday. “Ms. Ruemmler welcomes the opportunity to appear before the Committee,” said Jennifer Connelly, her spokeswoman. “At the time she interacted with Jeffrey Epstein, she was a practicing criminal defense attorney and shared a client with him,” Connelly said. “She has done nothing wrong and had no knowledge of any ongoing criminal activity on his part.” The House Oversight Committee’s request that Ruemmler voluntarily appear before the panel comes nearly three weeks after she said she would leave Goldman Sachs at the end of June. Ruemmler’s announcement came after a wave of new media coverage focused on her often-friendly email exchanges with Epstein. Read more CNBC politics coverage Earlier Tuesday, Commerce Secretary …

`Very, very important’ to have crypto rules

`Very, very important’ to have crypto rules

Published by Sam Flores

David Solomon, CEO Goldman Sachs, speaking on CNBC’s Squawk Box at the World Economic Forum in Davos, Switzerland on Jan. 22nd, 2026. Oscar Molina | CNBC Goldman Sachs CEO David Solomon said Wednesday “it is very, very important that we codify a rule-based system” for how cryptocurrency and related financial instruments will operate” in the United States. “As an American, I think it is very important that as we put legislation in place, we get it right for the long term,” Solomon told CNBC’s Sara Eisen during an interview in front of attendees at the World Liberty Forum at the Mar-a-Lago club in Palm Beach, Fla., which was hosted by the Trump family’s crypto venture World Liberty Financial. “I believe that to operate markets safely and soundly, we need to have a rules-based system,” said Solomon, whose firm is one of the world’s premier traditional investment banks. “Our banking system is unique, and our banking system needs to coexist with this technological innovation.” “If there are people who think we are going to operate in …

Senate should proceed with Warsh hearings for Fed chair: Bessent

Senate should proceed with Warsh hearings for Fed chair: Bessent

Published by Sam Flores

The Senate should move to advance Kevin Warsh, President Donald Trump’s nominee for Federal Reserve chairman, even as a federal criminal investigation into current chair Jerome Powell continues, Treasury Secretary Scott Bessent said Friday. Bessent, in an interview on CNBC’s “Squawk Box,” said he believes after speaking this week to Republicans on the Senate Banking Committee that they “are going to proceed” with a nomination hearing. “I think it’s important to get the hearings underway, and I think we have an agreement to do that,” he said. Sen. Thom Tillis, R-N.C., has vowed to block Warsh’s nomination from moving through the Banking Committee unless the Department of Justice drops its probe into Powell. Trump, however, has said the criminal probe, led by U.S. Attorney for the District of Columbia Jeanine Pirro, should continue to the end, setting up a potential impasse. Powell, whom Trump appointed during his first term, has declined to raise interest rates as much as the administration has urged him to do. Tillis has also rejected an idea, floated this week, to …