Fed Chair Nominee Caught in Massive Lie on What Trump Told Him

Kevin Warsh said he had not discussed cutting interest rates with Donald Trump.

Arizona Senator Ruben Gallego should be commended for some excellent fact-checking of Trump crony Kevin Warsh on Tuesday.

Warsh is Trump’s pick to be the next chair of the Federal Reserve after Jerome Powell’s term expires in May. During Warsh’s Senate committee confirmation hearing, Gallego tried to suss out whether Warsh was going to put the president’s political interests ahead of the country’s economic health.

“Earlier today, you said to Senator [John] Kennedy that President Trump never demanded you to cut interest rates in your job interview. Is that your sworn testimony?” Gallego asked.

“That is, Senator,” Warsh said.

“Well, someone here is lying, then,” Gallego replied. “It’s either you or President Trump. Because in an interview with The Wall Street Journal of December 12, President Trump confirmed he pressed you on your commitment to support interest rate cuts.”

Gallego helpfully cited the Journal article for Warsh: “During a 45-minute meeting … the president pressed Warsh on whether he could trust him to support interest-rate cuts if he were chosen to lead the central bank, according to people familiar with the meeting. Trump, in the Journal interview, confirmed that reporting.”

Warsh responded by claiming the reporters who wrote the story—Meridith McGraw, Nick Timiraos, and Brian Schwartz—were fibbing:

“Senator, there’s, of course, a third alternative. You cite a couple of reporters for a leading financial newspaper.… I think those reporters either need better sources, or better journalistic standards.”

GALLEGO: Earlier today, you told Sec. Kennedy that Trump never demanded you to cut interest rates. Is that your sworn testimony?WARSH: That is, senator.GALLEGO: Okay. Well someone here is lying then. Because Trump confirmed he pressed you on interest rate cuts. pic.twitter.com/AKoEK3uWrj— Aaron Rupar (@atrupar) April 21, 2026

GALLEGO: Earlier today, you told Sec. Kennedy that Trump never demanded you to cut interest rates. Is that your sworn testimony?WARSH: That is, senator.GALLEGO: Okay. Well someone here is lying then. Because Trump confirmed he pressed you on interest rate cuts. pic.twitter.com/AKoEK3uWrj

Of course, the cited “source” here is Trump himself, which Gallego pointed out, asking if that meant Warsh thought Trump was lying. Warsh began to reply before Gallego unfortunately cut him off and moved on. Gallego did ask Warsh what he would say if the Journal verified all of its reporting, to which Warsh repeated the same unsatisfying point about journalists needing better sources and standards.

Warsh has previously worked on Wall Street, as an economic adviser in the George W. Bush administration, and as a Fed governor from 2006 to 2011. With a net worth in the hundreds of millions, he would be the richest Fed chair ever, which feels fitting for a presidency that seems to be about the rich laughing in the face of working Americans as much as possible.

Trump would love to see a Powell replacement as soon as possible. Trump appointed the mild-mannered, bespectacled Powell in 2017, but Powell has since drawn the president’s ire by being boringly responsible and refusing to cut interest rates. Trump has even weaponized the Department of Justice by subpoenaing Powell over a federal building renovation (a judge tossed the lawsuit out).

In the face of mounting pressure, Powell has not wavered. His quiet resistance to the president has made him something of a cult hero among Democrats, who have crafted a few social media fancams in his honor.

Trump and MAGA Freak Out as Virginia Votes on New Congressional Map

Virginia has a major chance to swing the balance of power in the House of Representatives.

President Trump and his MAGA coalition are beginning to panic as the threat of a successful Democratic redistricting vote on Tuesday in Virginia looms over them.

“This is what they’re going to be doing.… If [the Democrats] get additional House seats, at some point, if they get these additional seats they’re gonna be making changes at the federal levels,” Trump warned on a tele-rally call with Speaker Mike Johnson on Monday.

Trump warns Virginians that if they vote YES for fair elections tomorrow, he will lose power: “If Democrats get these additional seats, they'll change things at the federal level.” pic.twitter.com/G8lsEtUMLt— Headquarters (@HQNewsNow) April 20, 2026

Trump warns Virginians that if they vote YES for fair elections tomorrow, he will lose power: “If Democrats get these additional seats, they'll change things at the federal level.” pic.twitter.com/G8lsEtUMLt

The ballot measure to redraw the congressional map could give the Democrats a greater chance to regain control of the House of Representatives, giving them potentially four more seats. Under the new map, Virginia Democrats could hold every House seat except for one.

That would in turn have massive implications for the president’s agenda, which he—and the rest of his supporters—are very concerned about.

Fox News’s Brit Hume lamented the effort as one not to ensure fairness but to “ensure Democrats have many more seats than they do now.”

MAGA muse Steve Bannon shared an even bleaker diagnosis.

“This is their plan.... Not just, are they going to take power and use these four seats to impeach Trump? But they’re going to use this as a template for the rest of the country. It’s coming,” Bannon said on the Monday episode of his War Room podcast. “These Democrats are demonic.… If they weren’t demonic, wouldn’t they show you the map? Wouldn’t they walk you through the logic?”

Each of these comments ignores that these redistricting wars started with Texas Republicans doing the bidding of Trump last year.

Polls close Tuesday at 7 p.m.

Democratic Congresswoman Resigns Before Her Party Can Expel Her

Representative Sheila Cherfilus-McCormick has become the third member of Congress to resign in one week.

Democratic Representative Sheila........

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