From Quartz.

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U.S. Treasury Secretary Scott Bessent testified before the Senate Banking Committee on Feb. 5, 2026, amid renewed scrutiny of political pressure on the Federal Reserve. Lawmakers reviewed President Donald Trump’s criticism of Jerome Powell, interest-rate cuts, and implications for Federal Reserve independence. Trump’s nomination of Kevin Warsh as Fed chair, and remarks favoring cuts, featured in the exchange.
Senator Elizabeth Warren raised reports Trump joked about suing Warsh if cuts were resisted; Bessent called it a joke and said it was up to the president.
Warsh’s nomination is stalled as Senator Thom Tillis blocks picks pending a DOJ probe into whether Powell misled lawmakers over Fed headquarters renovations; chair Tim Scott said no crime and warned aggressive questioning could weaken oversight. #federalreserve #trump #kevinwarsh #interestrates #politics

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