Politics
WATCH: Sen Warren unloads on Trump’s Fed nominee Kevin Warsh in explosive hearing showdown
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Sparks flew on Capitol Hill as Sen. Elizabeth Warren, D-Mass., accused Federal Reserve nominee Kevin Warsh of being a potential “sock puppet” for President Donald Trump.
Warsh, tapped by Trump in January to lead the Federal Reserve, faced a two-and-a-half-hour confirmation hearing before the Senate Banking, Housing, and Urban Affairs Committee.
If confirmed, he would take the helm of the world’s most powerful central bank, shaping interest rates, borrowing costs and the financial outlook for millions of American households for the next four years.
WHO IS KEVIN WARSH, TRUMP’S PICK TO SUCCEED JEROME POWELL AS FED CHAIR?
Kevin Warsh, nominee for chairman of the Federal Reserve, listens to ranking member Sen. Elizabeth Warren, D-Mass., make an opening statement during his Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Tuesday, April 21, 2026. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
In her opening remarks, Warren sharply criticized Warsh’s record and questioned his independence, arguing he is “uniquely ill-suited for the job as Fed chair” and warning he could give Trump influence over the central bank.
She accused Warsh of enabling Wall Street during the 2008 financial crisis, which fell during his tenure as a Federal Reserve governor when he served from 2006 to 2011.
“In our meeting last week, we discussed the 2008 financial crash, where 8 million people lost their jobs, 10 million people lost their homes and millions more lost their life savings,” Warren said. “Giant banks, however, got hundreds of billions of dollars in bailouts… and he said to me that he has no regrets about anything he did.”
She added that Warsh “worked tirelessly to arrange multibillion-dollar bailouts” for Wall Street CEOs, with nothing for American families.
The hearing grew more tense as Warren pivoted to ethics concerns, pressing Warsh over his undisclosed financial holdings and questioning him over links to business dealings connected to the late convicted sex offender Jeffrey Epstein.
The two spoke over each other and raised their voices in a heated exchange on Capitol Hill.
WARSH’S $226 MILLION FORTUNE UNDER SCRUTINY AS FED NOMINEE FACES SENATE CONFIRMATION
Sen. Elizabeth Warren: The Fed has been plagued by deeply disturbing ethics scandals in recent years. It’s critical that the next chair have no financial conflicts — none. You have more than $100 million in investments that you have refused to disclose. So let me ask: do the Juggernaut Fund or THSDFS LLC invest in companies affiliated with President Trump or his family, companies tied to money laundering, Chinese-controlled firms, or financing vehicles linked to Jeffrey Epstein?
Kevin Warsh: Senator, I’ve worked closely with the Office of Government Ethics and agreed to divest all of my financial assets.
Warren: Could you answer my question, please? You have more than $100 million in undisclosed assets. Are any of those investments tied to the entities I just mentioned? It’s a yes-or-no question.
Warsh: I have worked tirelessly with ethics officials and agreed to sell all of my assets before taking the oath of office.
Warren: Are you refusing to tell us if you have investments in vehicles linked to Jeffrey Epstein? You just won’t say?
Warsh: What I’m telling you is those assets will be sold if I’m confirmed.
Warren: Will you disclose how you plan to divest these assets? The public might question your motives if, for example, someone who profits from predicting Fed policy cuts you a $100 million check as you take office.
Sen. Elizabeth Warren questions Kevin Warsh during his Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Tuesday, April 21, 2026. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
Warsh: I’ve reached a full agreement with the Office of Government Ethics and will divest those assets before taking the oath.
Warren: I’m asking a very straightforward question. Will you disclose how you divest those assets?
Warsh: As I’ve said, I’ve worked with ethics officials.
Warren: I’ll take that as a no.
In a separate exchange, Warren invoked Trump’s past statements about the Fed and challenged Warsh to prove his independence in real time.
She insisted that Warsh answer whether he believes Trump won the 2020 presidential election and if he would name policies of the president with which he disagrees. The hopeful future Fed chair dodged the question and said he would remain apolitical, if confirmed.
THE ONE LINE IN WARSH’S TESTIMONY SIGNALING A BREAK FROM THE FED’S STATUS QUO
Warren: Donald Trump has made clear he does not want an independent Fed. He has said, “Anybody that disagrees with me will never be Fed chairman.” He’s also said interest rates will drop “when Kevin gets in.” Let’s check out your independence and your courage. We’ll start easy. Mr. Warsh, did Donald Trump lose the 2020 election?
Warsh: Senator, we should keep politics out of the Federal Reserve.
Warren: I’m asking a factual question.
Warsh: This body certified the election.
Warren: That’s not what I asked. Did Donald Trump lose in 2020?
Warsh: The Fed should stay out of politics.
Warren: In our meeting, you said you’re a “tough guy” who can stand up to President Trump. So name one aspect of his economic agenda you disagree with.
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Kevin Warsh listens to a question during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing on Tuesday, April 21, 2026. (Graeme Sloan/Bloomberg via Getty Images)
Warsh: That’s not something I’m prepared to do. The Fed should stay in its lane.
Warren: Just one place where you disagree.
Warsh: I do have one disagreement — he said I looked like I was out of central casting. I think I’d look older and grayer.
Warren: That’s adorable. But we need a Fed chair who is independent. If you can’t answer these questions, you don’t have the courage or the independence.
Politics
Trump foe wins crucial Dem primary as 2028 presidential speculation swirls
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Democratic Gov. Wes Moore of Maryland, whom pundits consider a potential 2028 presidential contender, is one step closer to winning re-election this year.
Moore on Tuesday captured the Democratic gubernatorial nomination in the solidly blue Mid-Atlantic state, the Associated Press reports.
Moore and his running mate, Lt. Gov. Aruna Miller, easily dispatched a primary challenge from Eric Felber and his running mate, LaTrece Hawkins Lytes. Felber, a physician, unsuccessfully challenged Democratic Rep. Jamie Raskin in the 2024 primary in the state’s 8th Congressional District.
DEMOCRACY ’26: STAY UP TO DATE WITH THE FOX NEWS ELECTION HUB
Maryland Gov. Wes Moore speaks during an announcement at the South Court Auditorium of the Eisenhower Executive Office Building at the White House in Washington, D.C., on Jan. 16, 2026. (Valerie Plesch/Bloomberg via Getty Images)
Candidates for governor and lieutenant governor run on the same ticket in Maryland.
The Democratic ticket will face the winners of a nine-way Republican primary field.
Moore is running for re-election this year amid speculation that he also is eyeing a run for the White House in 2028, in the race to succeed term-limited President Donald Trump. Democrats are expected to field a large and competitive field in the race for their party’s presidential nomination.
The governor has consistently ruled out running for the White House in 2028, saying that his political focus is on his home state and his 2026 re-election.
But regardless, Moore remains a top Democratic Party surrogate in national politics. And Moore, a 47-year-old Army veteran, who is also a Rhodes Scholar and was CEO of the charitable organization the Robin Hood Foundation during the coronavirus pandemic, is viewed as a rising star in the party.
Maryland Gov. Wes Moore and President Donald Trump are pictured together in a split image. (Nathan Howard/Getty Images; Anna Moneymaker/Getty Images)
Moore, the nation’s only Black governor, has had a combustible relationship with Trump, which has included very public feuds and verbal sparring, and clashes over policy.
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Earlier this year, Trump initially excluded Moore from a National Governors Association dinner at the White House, charging that the governor was “not worthy” of attending.
Politics
Democrats want California voters to give them more flexibility over spending
SACRAMENTO — Gov. Gavin Newsom and Democratic leaders of the California Legislature plan to approve a proposed constitutional amendment this week that would ask voters to give them more flexibility over state spending and allow them to save money that could otherwise go back to taxpayers.
The proposal seeks to exempt deposits into state savings accounts from a spending limit that voters adopted through a series of ballot measures dating back to the late 1970s and to increase the share of tax revenue that can be put into the rainy day fund.
“Putting money aside to protect ourselves from future uncertainties isn’t just good government; it’s common sense,” Newsom said in a statement. “California is strong and resilient, but we’re not immune to economic headwinds. At a time when our essential services are under pressure, we have a responsibility to safeguard the programs and investments that Californians rely on.”
Assembly Constitutional Amendment 20, which Democrats are calling the “Save for California’s Future Act,” could receive push back from taxpayer advocates.
Under an existing state appropriations restraint, also known as the Gann limit, lawmakers cannot spend more than an amount determined by a formula that takes into consideration annual tax proceeds and changes to the population and cost of living. Tax revenue above the limit must be divided between schools and refunds to taxpayers.
With few exceptions, the limit applies to most appropriations of tax revenue, including money that lawmakers tuck away into the rainy day fund and other reserves. California voters have also capped the amount of money lawmakers can set aside in the rainy day fund to 10% of general fund proceeds in a given year.
Since taking office, Newsom has argued that it doesn’t make sense for savings to count as spending under state law.
State budget revenue is subject to dramatic swings from year to year based on stock market activity. The law, Newsom has said, prevents the state from saving more money in good years to stave off cuts to programs in bad years.
The proposed changes would exempt deposits into the rainy day fund and a short term reserve, called the “Projected Surplus Temporary Holding Account,” from the state appropriations limit. The cap on the rainy day fund would grow from 10% of general fund tax revenue to 20%.
“Californians live by a simple, bipartisan truth: set money aside when times are good so you’re ready when they’re not,” Assembly Speaker Robert Rivas (D-Hollister) said in a statement. “The Save For California’s Future Act is what responsible leadership looks like — and future taxpayers will thank us for it.”
The measure could incentivize Democrats to save more money because funds tucked away in the rainy day fund would no longer be considered expenditures counted toward the spending limit. By allowing lawmakers to set aside more money that is not subjected to state spending limits, it could also allow them to hold onto money that would be returned to taxpayers under current law.
The measure is slated for a vote Thursday. If approved by two-thirds of lawmakers, voters will consider the proposal on the November ballot.
Politics
Social media erupts over Mamdani’s silence after Brooklyn coffee shop bans Jewish congressman
Socialists push progressive agenda in NYC primaries
Fox News national correspondent Bryan Llenas reports on the New York City primary, highlighting the influence of socialists. Candidates backed by Zohran Mamdani advocate for abolishing ICE and all deportations, even for convicted murderers.
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New York City Mayor Zohran Mamdani is facing swift backlash after declining to condemn a local coffee chain that told a Jewish congressman with pro-Israel views that he was not welcome.
Mamdani has remained silent after the Williamsburg, Brooklyn-based Poetica coffee shop posted — and later deleted — a message on social media telling Rep. Dan Goldman, D-N.Y., not to return after he stopped by the shop with his daughter Monday. The mayor declined to comment through a spokesman when contacted by The New York Times on Monday.
“Shameful,” Fox News Radio analyst Josh Kraushaar wrote on social media in response to a section of The Times story detailing that Mamdani declined to comment.
“Well folks, we’ve reached the stage of antisemitism where Jews are being publicly barred from businesses,” the CEO and co-founder of the antisemitism-focused nonprofit Boundless Israel said on X. “A coffee shop in Mamdani’s New York City told Jewish Congressman Dan Goldman he wasn’t welcome in their store.”
Zohran Mamdani announces new members of his team at the Brooklyn Public Library Greenpoint Branch in Brooklyn on Dec. 17, 2025. (Shawn Inglima/New York Daily News/Tribune News Service via Getty Images)
MAMDANI SKIPS ISRAEL DAY PARADE DESPITE JOINING OTHER CULTURAL CELEBRATIONS
“The café is implementing Mamdani’s wishes,” journalist Melissa Braunstein said.
Fox News Digital reached out to Mamdani’s office for comment but did not immediately hear back.
In a since-deleted social media post, Poetica Coffee said it would have declined to serve Goldman had staff recognized him in the store. Goldman has notably declined to characterize Israel’s war in Gaza as a genocide and has received financial contributions from the pro-Israel lobby AIPAC, drawing criticism from some on the progressive left.
“Hey Congressman Dan Goldman, we see that you stopped by our shop today for a coffee. Do you see how it doesn’t taste like genocide juice? Or are you still having a hard time telling the difference?” the post said.
“See, here at Poetica, we don’t serve racists, fascists, homophobes, genocide enablers, or anyone in between,” the post continued. “Too bad we didn’t recognize you right away, or we would have turned you away. We issued you a refund—we don’t need your money (it’s probably coming from AIPAC anyways). Enjoy your loss on Tuesday. Don’t ever come to Poetica.”
The coffee chain has since deleted its Instagram page amid social media backlash.
Mamdani’s silence comes as he is working to unseat Goldman, despite the incumbent lawmaker being a leading Trump critic and embracing an array of leftist legislative proposals. Goldman notably did not endorse Mamdani’s mayoral campaign, citing concerns about how his administration would approach Jewish New Yorkers.
A Brooklyn, N.Y., coffee shop refunded a purchase made by Rep. Dan Goldman, D-N.Y., over the weekend over his support for Israel, saying the company doesn’t serve “genocide enablers.” (Getty Images; Google Maps)
The mayor publicly backed former New York City Comptroller Brad Lander to represent Goldman’s district, which spans Lower Manhattan and deep-blue, wealthy pockets of Brooklyn.
Democratic voters will decide whether to hand Goldman a third House term during the Empire State’s primary elections on Tuesday.
NY DEM WOULDN’T BACK MAMDANI FOR MAYOR — NOW MAMDANI IS BACKING HIS CHALLENGER
Since both men largely hold the same policy stances, the bruising primary battle has revolved around support for Israel — with Lander vowing to elevate the Palestinian cause if elected to the House.
Goldman has notably supported military aid to Israel following Hamas’ Oct. 7, 2023, attacks and distanced himself from inflammatory rhetoric used by some on the left to criticize Israel.
Goldman offered a tempered response after the coffee chain effectively banned him from their storefronts.
“I’m sorry to see this post,” he said. “The barista could not have been nicer to my 7-year-old daughter and me—allowing her to use the bathroom even though we had not purchased anything. I made sure to buy a coffee in return for her kindness. I hope you at least make sure she gets the tip that she deserved.”
New York City Mayor Zohran Mamdani speaks in support of Brad Lander, Democratic candidate for Congress in New York’s 10th Congressional District, in Carroll Park in the Carroll Gardens neighborhood of Brooklyn on June 14, 2026. (Shuran Huang/For The Washington Post via Getty Images)
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Assistant Attorney General for Civil Rights Harmeet Dhillon said Tuesday her office has opened an investigation into the matter.
“Federal law prohibits public accommodations such as coffee shops from discriminating against patrons based on their race, religion, or national origin,” Dhillon wrote. “These actions are not only reprehensible, they’re potentially illegal.”
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