Fed Chair Nominee Walsh Engages in Heated Exchange with Democratic Senators Over Asset Divestiture Plan

Federal Reserve Chair nominee Kevin Walsh faced intense scrutiny from Democrats in the U.S. Senate, focusing on how he would divest tens of millions of dollars in financial assets if confirmed to lead the Federal Reserve.

"To eliminate any questions about my independence and any doubts regarding the transparency of my financial record, I have agreed to divest nearly all of my financial assets, with the vast majority to be completed prior to assuming office," Walsh said during a confirmation hearing before the Senate Banking Committee. He noted that he has "done everything humanly possible" regarding the asset divestiture plan, adding that there is no other reason than the fact that "the Federal Reserve needs to rebuild its credibility."