Democratic lawmakers urge Fed’s Warsh to disclose Trump calls

A group of Democratic lawmakers are urging Federal Reserve Chairman Kevin Warsh to disclose any conversations he has had with President Donald Trump since taking over the central bank in May.

The request, sent via letter, comes amid news that Trump has periodically spoken by phone with Warsh since he took the role, according to people familiar with the matter. Trump has continued to urge the Fed to lower interest rates and the White House this month renewed an attempt to dismiss Fed Governor Lisa Cook.

Four Democratic Senators said effective monetary policy relies on transparency and accountability.

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“It is critical that the Fed be transparent about these discussions to demonstrate its independence from the White House, a norm that you have said you intend to uphold,” the letter said, signed by Senators Chris Van Hollen, Jack Reed, Angela Alsobrooks and Elizabeth Warren.

Warsh’s public calendar for his first full month as Federal Reserve chairman shows a diary that included calls and meetings with lawmakers, White House officials and private sector economists, but didn’t list any with Trump.

“As the leader of an independent agency, the Fed must be forthcoming about your conversations with the president, as your predecessors have recognised,” the letter states.

The letter was first reported by The Wall Street Journal.

Trump has spoken multiple times with Warsh since he was confirmed in May. During the conversations, the president has inquired about the Fed chairman’s forecasts and opinions but not pushed him to take any specific course of action, Bloomberg News reported earlier this month.

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