Trump’s Federal Reserve chair pick to face lawmakers at key confirmation hearing – US politics live

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President Donald Trump’s choice to lead the Federal Reserve will commit to protecting central bank independence on interest rates at a crucial confirmation hearing later today.

“I am committed to ensuring that the conduct of monetary policy remains strictly independent,” Kevin Warsh is to say in an opening statement to the Senate Banking Committee. He is also expected to express commitment to fighting inflation, according to remarks seen by the AFP news agency.

The hearing, scheduled for 10am ET, will be closely watched as it marks a key hurdle Warsh must overcome in order to succeed Fed chair Jerome Powell when his term ends on 15 May.

But the session will be tense, with all 11 Democrats on the Banking Committee last week urging for a delay in the nomination’s proceedings until separate investigations into Powell and Fed governor Lisa Cook are closed.

Republican senator Thom Tillis, who sits on the panel led by his party, has also vowed to block all Fed nominees – including Warsh – until the Justice Department probe involving Powell is resolved. With 13 Republican members on the committee, Tillis’ vote against Warsh’s confirmation could be enough to set up an impasse.

Warsh is due to face questioning from lawmakers on issues ranging from his wealth to past connections with the late sex offender Jeffrey Epstein, alongside his views on economic issues.

In other developments:

• Lori Chavez-DeRemer, Donald Trump’s labor secretary, resigned from her role with the administration. She said it was “an honor and a privilege to serve” to serve and that she would take on a job in the private sector. The departure came after she became entangled in a string of political and personal controversies. Democrats celebrated, writing “this administration is imploding”.
• Chuck Schumer, the Senate minority leader, called for Kash Patel’s immediate resignation following a report from the Atlantic detailing the FBI director’s alleged excessive drinking and absences. Patel has sued the magazine for defamation with his attorneys calling the article a “sweeping, malicious, and defamatory hit piece”.
• Donald Trump signed memorandums related to coal supply chains, natural gas and grid infrastructure on Monday. The president invoked the Defense Production Act in the energy-related memos, writing that increasing energy production is “essential to United States national defense”.