Federal Reserve Chairman nominee Powell emphasizes independence but is vague about interest rate path.

Federal Reserve Chairman candidate Kevin Warsh rebutted concerns from Democrats that he would become a "puppet" of the president, emphasizing multiple times that if his nomination is confirmed by the Senate, he will act as an independent decision maker. Warsh stated during a hearing at the Senate Banking Committee on Tuesday that there should be a series of reforms to the Fed's decision-making process, including establishing a new framework for addressing inflation and improving communication with the public. However, he did not provide many details and avoided questions about the path of short-term interest rates. He also stressed that the president has never asked him to make any specific commitments on interest rate decisions.