Treasury Secretary Supports Advancing Fed Chair Nomination
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 days ago
0mins
Source: CNBC
- Nomination Hearing Advancement: Treasury Secretary Bessent stated that the Senate should proceed with the nomination hearing for Kevin Warsh, President Trump's nominee for Fed chair, despite an ongoing criminal investigation into current chair Jerome Powell, indicating the administration's commitment to Fed leadership.
- Political Resistance Emerges: Senator Thom Tillis from North Carolina has vowed to block Warsh's nomination unless the Department of Justice halts its probe into Powell, a stance that could further delay the nomination process and impact the stability of Fed policies.
- Investigation Status Unclear: Bessent noted that the investigation into Powell centers on his testimony regarding cost overruns on the Fed's headquarters renovation, and while subpoenas have been issued, the investigation's outcome remains uncertain, potentially affecting public trust in the Fed.
- White House Position Clear: Bessent emphasized that the White House has no influence over the U.S. Attorney's investigation, indicating a firm government stance on the matter, which may affect Senate confidence in Fed leadership and future policy formulation.
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Analyst Views on WFC
Wall Street analysts forecast WFC stock price to rise
17 Analyst Rating
10 Buy
6 Hold
1 Sell
Moderate Buy
Current: 86.290
Low
74.00
Averages
98.66
High
113.00
Current: 86.290
Low
74.00
Averages
98.66
High
113.00
About WFC
Wells Fargo & Company is a financial services company. The Company provides a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, to individuals, businesses and institutions. The Company operates through four segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. The Company provides consumer financial products and services, including checking and savings accounts, credit and debit cards, and auto, residential mortgage, and small business lending. In addition, the Company offers financial planning, private banking, investment management, and fiduciary services. It also provides financial solutions to businesses through products and services including traditional commercial loans and lines of credit, letters of credit, asset-based lending and leasing, trade financing, treasury management, and investment banking services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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