Kevin Warsh, President Donald Trump's pick to lead the US Federal Reserve (the United States' central bank), appeared before the Senate Banking Committee on Tuesday for his confirmation hearing, pledging that monetary policy would remain "strictly independent" of political influence. The session comes ahead of current chair Jerome Powell's term expiring on 15 May, though Warsh's path to confirmation is far from clear: Republican senator Thom Tillis has vowed to block all Fed nominees until a Justice Department investigation into Powell over a building renovation is resolved, and all 11 Democratic committee members have called for a delay in proceedings. The political standoff risks an unusually turbulent leadership transition at one of the world's most influential financial institutions, which analysts warn could unsettle markets and push up long-term interest rates.