Kevin M. Warsh, President Trump’s pick to lead the Federal Reserve, has spent years refining his pitch for why he should get one of the most powerful economic jobs in the world.

At his confirmation hearing on Tuesday, he will have to convince Senate lawmakers that he is ready to step into the role, which has become politically explosive amid Mr. Trump’s relentless attacks on the institution and its current chair, Jerome H. Powell.

Mr. Warsh, who is scheduled to testify before the Banking Committee at 10 a.m., plans to commit to being “strictly independent” on decisions related to interest rates, according to his prepared remarks. He also plans to tell lawmakers that he is unbothered by Mr. Trump’s incessant calls for substantially lower borrowing costs. And he will use his opening statement to underscore his focus on disrupting the “status quo” at an institution he said just last year was in need of “regime change.”

“In a time that will rank among the most consequential in our nation’s history, I believe a reform-oriented Federal Reserve can make a real difference to the American people,” he plans to tell lawmakers, adding: “The stakes could scarcely be higher.”

Mr. Warsh, 56, faces significant hurdles to winning confirmation. He has broad support among Republicans, who control the Senate and can confirm him along party lines. Yet his candidacy has stalled because of an ongoing investigation by the Justice Department into Mr. Powell and his handling of the Fed’s headquarters renovations.

Mr. Powell’s term as chair ends May 15, but Mr. Warsh looks increasingly unlikely to be in place by then. That’s because Senator Thom Tillis of North Carolina — a Republican on the Banking Committee who has expressed support for Mr. Warsh — has vowed to block any attempt to confirm a new Fed chair until the legal threats into Mr. Powell are resolved. For Mr. Tillis, the investigation is a blatant attempt to coerce Mr. Powell into lowering rates, undermining the Fed’s independence and confirming the politicization of the Justice Department.

“I’m not going to condone bad decision-making and bad behavior,” Mr. Tillis told reporters on Monday in reference to the Justice Department’s lack of evidence of any wrongdoing.

The department has vowed to continue its investigation, despite numerous legal setbacks.

“I think ultimately, he will be confirmed,” Senator John Kennedy of Louisiana, another Republican on the committee, told reporters on Monday. “I just don’t know what decade.”

Mr. Warsh’s ascent would mark a homecoming for the Wall Street financier, who served as a Fed governor from 2006-11.

Since leaving the Fed, he has amassed assets worth well in excess of $100 million, according to financial disclosures submitted before his hearing. Those have drawn scrutiny because Mr. Warsh repeatedly invoked “pre-existing confidentiality agreements” to avoid disclosing the details behind several of his investments. He has said he would divest a substantial amount of his assets before taking the job.

The global financial crisis dominated Mr. Warsh’s first tenure at the Fed, thrusting him into the middle of discussions about how the central bank should respond to the threat of bank failures, turmoil in financial markets and a painful recession that followed. Mr. Warsh, then the youngest-ever member of the Board of Governors, was initially supportive of the Fed’s efforts to shore up financial markets by buying enormous quantities of government bonds and expanding its balance sheet to ease strains in financial markets and support growth by keeping market-based rates low.

But he soon soured on subsequent efforts to buy more bonds and resigned in protest. That experience has stuck with Mr. Warsh, who has made a smaller balance sheet a pillar of his plans if he takes over as chair.

Mr. Warsh would also be likely to usher in changes to how the Fed communicates its policy views, having expressed misgivings about its strategy of providing so-called forward guidance, or hints about how interest rates may change in the future to guide expectations. He has also suggested that policymakers across the Fed system should speak far less. Mr. Powell held a news conference after each rate decision, or eight a year, and delivered speeches with regularity. Mr. Trump’s pick to join the Fed last year, Stephen I. Miran, often speaks multiple times a week.

“Once policymakers reveal their economic forecast, they can become prisoners of their own words,” Mr. Warsh said in a speech last year. “Fed leaders would be well served to skip opportunities to share their latest musings. The swivel-chair problem, rhetorically waxing and waning with the latest data release, is common and counterproductive.”

What is far less clear is how much Mr. Warsh would heed the president’s demands for lower interest rates. Mr. Trump said he would not pick someone for chair who did not support lower borrowing costs.

Mr. Warsh sought in his opening statement to downplay the costs of a president’s voicing his opinions about rates, saying central bankers must be “strong enough to listen to a diversity of views from all corners, humble enough to be open-minded to new ideas and new economic developments, wise enough to translate imperfect data into meaningful insight and dedicated enough to make judgments faithfully and wisely.”

Earlier this year, many officials at the Fed saw a path to gradually lower rates as the impact of Mr. Trump’s tariffs faded and inflation restarted its slide back toward 2 percent after almost of year of stalling out. The war in Iran — and the energy shock it has unleashed — has upended those forecasts, however, prompting officials to turn wary about lowering rates.

Mr. Warsh will face questions on Tuesday about the economic impact of the war and how it has changed his thinking around the Fed’s ability to lower rates. While at the Fed, he was known as an inflation hawk who often argued against providing policy relief for fear that it could stoke price pressures. He also said the Fed should aspire to engage in rule-based policymaking that stems from formulas that prescribe how officials should set rates based on levels of inflation and employment.

While campaigning to be chair, Mr. Warsh embraced the need for rate cuts, arguing that there was a path for lower borrowing costs because of his plans to shrink the balance sheet, which would lift longer-term rates that then could be offset by lowering short-term ones. He also argued that higher productivity from the boom in artificial intelligence could unleash higher growth without stoking inflation, which could give the Fed more space to lower rates than otherwise would be the case.

In his opening statement, Mr. Warsh made clear, however, that a failure to bring down inflation, which has been stuck above the Fed’s 2 percent target for roughly five years, would strictly be the Fed’s fault, suggesting that he would shoulder the blame if he did not bring it back down during his tenure.

“Inflation is a choice, and the Fed must take responsibility for it,” he will tell lawmakers.

Megan Mineiro contributed reporting.

When Infowars, the website founded by the right-wing conspiracist Alex Jones, came up for sale two years ago, an unlikely suitor stepped up. The Onion, a satirical news outlet, planned to convert the site into a parody of itself.

That sale was scuttled by a bankruptcy court. Now, The Onion has re-emerged with a new plan: licensing the website from Gregory Milligan, the court-appointed manager of the site.

On Monday, Mr. Milligan asked Maya Guerra Gamble, a judge in Texas’ Travis County District Court overseeing the disposition of Infowars, to approve that licensing agreement in a court filing. Under the terms, The Onion’s parent company, Global Tetrahedron, would pay $81,000 a month to license Infowars.com and its associated intellectual property — such as its name — for an initial six months, with an option to renew for another six months.

The licensing deal has been agreed to by The Onion and the court-appointed administrator. But it is not effective until Judge Guerra Gamble approves it, and Mr. Jones could appeal any ruling. That means the fate of Infowars remains in limbo until the court rules, probably sometime in the next two weeks. Mr. Jones continues to operate Infowars.com and host its weekday program, “The Alex Jones Show.”

Mr. Jones had no immediate comment.

The battle over Infowars has been a long and fraught saga, and Mr. Jones — a notorious peddler of lies and invective — has used his bully pulpit for more than a year to crusade against The Onion’s efforts to take over the platform. The site is in limbo because of a series of defamation lawsuits against Mr. Jones filed by families of victims of the mass shooting in 2012 at Sandy Hook Elementary School in Connecticut, which Mr. Jones falsely claimed was a hoax.

People who believed his lies that the shooting was staged subjected the families to years of online abuse, harassment and death threats.

In 2018, the families of two Sandy Hook victims sued Mr. Jones for defamation in Texas, where Infowars is based, and relatives of eight other victims sued him in Connecticut. In 2022, a jury in Texas awarded the parents of one victim $50 million.

Mr. Jones declared bankruptcy later that year. A trial pitting him against the parents of a second victim was delayed indefinitely by that move. Later that year, a jury awarded the families and a former law enforcement official who sued Mr. Jones in Connecticut a total of $1.4 billion.

Mr. Jones appealed the Connecticut verdict, the largest defamation award in history, all the way to the U.S. Supreme Court. In October, the justices declined to hear the case.

To help satisfy Mr. Jones’s debts to the Sandy Hook families and other creditors, Judge Christopher Lopez of U.S. Bankruptcy Court ordered in mid-2024 that a court-appointed trustee sell off equipment, intellectual property and other assets owned by Free Speech Systems, Infowars’ parent company.

In late 2024, a sealed-bid silent auction drew only two contenders: The Onion’s parent and a company associated with Mr. Jones. The trustee and the families chose The Onion’s bid, despite its potential to yield less cash than the rival company’s. Mr. Jones and his lawyers cried foul, and Judge Lopez intervened, saying that the process was opaque and that The Onion’s bid was not obviously superior. He rejected plans for a do-over of the auction, instead directing the families to seek a liquidation through Judge Guerra Gamble’s court in Texas, where the first defamation case was heard and won.

In August, Judge Guerra Gamble ruled that a court-appointed administrator would take over and sell Infowars’ assets, reopening the door to The Onion. “We’re working on it,” Ben Collins, the chief executive of Global Tetrahedron, wrote on social media on the same day as Judge Guerra Gamble’s ruling.

The Onion’s proposal, worth $486,000 in its initial six-month term, does little to satisfy the enormous damages awarded to the Sandy Hook families. The families have been fighting to collect since Mr. Jones filed for personal and business bankruptcy. Mr. Jones is expected to lose access to his studio and equipment as part of the deal, Mr. Collins said.

The Onion plans to turn Infowars into a comedy site with satirical echoes of the fringe conspiracy theories that Mr. Jones is known for. Tim Heidecker, one of the comedians behind “Tim and Eric Awesome Show, Great Job!” on Cartoon Network’s Adult Swim, has been hired to serve as “creative director of Infowars.” He said he initially planned to parody Mr. Jones’s “whole modus operandi.”

Mr. Heidecker has been working on his impression of Mr. Jones. But eventually, when that joke gets old, Mr. Heidecker hopes to turn Infowars into a destination for independent and experimental comedy, he said.

“I just thought it would be just a beautiful joke if we could take this pretty toxic, negative, destructive force of Infowars and rebrand it as this beautiful place for our creativity,” Mr. Heidecker said in an interview. During a recent trip to Philadelphia, he traveled to the Liberty Bell to film a video in character as the new creative director of Infowars.

“The goal for the families we represent has always been to prevent Alex Jones from being able to cause harm at scale, the way he did against them,” said Chris Mattei, the lawyer who argued the Connecticut families’ case in court. The deal with The Onion promises “to significantly degrade his power to do that.”

The Onion also plans to sell merchandise and share the proceeds with the Sandy Hook families.

“We are excited to lie constantly for cold, hard cash, but this time in a cool way, and we’ll make sure some of it gets back to the families,” Mr. Collins said.

While broadcast programming is “out of my lane,” Mr. Mattei said, “satire and humor can be universal. If their programming can be of interest to Jones’s former audience, and help bring them out of the dark, that would be wonderful.”

In the meantime, the company has been filming satirical videos in antipation of the court’s ruling. One of them features a fictional anchor from the satirical Onion News Network, “Jim Haggerty,” who defects from the mainstream media to become a conspiracy monger. He will be played by the actor Brad Holbrook.

“For 35 years, I was part of the problem,” Mr. Haggerty intoned in a dramatic trailer released by The Onion. “But now, I’m free of my corporate shackles, and my only business is freedom.”