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Congress Urged to Address Erosion of US Dollar
Warsh's Fed nomination may hinge on Powell renovation cost inquiry
Apr. 19, 2026 at 7:24pm
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As concerns mount over the Federal Reserve's impact on the US dollar, Congress is urged to reassert its role in ensuring a stable national currency.NYC TodayCongress is being urged to take a closer look at the Federal Reserve's policies and their impact on the soundness of the U.S. dollar. With Kevin Warsh scheduled to testify before the Senate Banking Committee, his confirmation as Fed chairman may depend on the Justice Department's inquiry into whether current chairman Jerome Powell provided inaccurate testimony about cost overruns in renovating Fed headquarters.
Why it matters
The stability and value of the U.S. dollar is critical to the country's economic health and global standing. Lawmakers are being called upon to reassert their constitutional responsibility for ensuring a trustworthy national currency, rather than deferring that duty entirely to the Fed.
The details
Warsh, a former Fed governor, is seen as a potential replacement for Powell at the central bank. The vote on Warsh's confirmation may be influenced by the outcome of the Justice Department's investigation into Powell's testimony about the renovation costs. Regardless of the personnel changes, there is a growing view that Congress needs to take a more active role in overseeing the Fed's policies and their impact on the dollar's value.
- Warsh is scheduled to testify before the Senate Banking Committee on Tuesday, April 22, 2026.
- The Justice Department inquiry into Powell's testimony is ongoing.
The players
Kevin Warsh
A former Federal Reserve governor who is a potential nominee to become the next Fed chairman.
Jerome Powell
The current Federal Reserve chairman who is under investigation by the Justice Department over his testimony about cost overruns in renovating Fed headquarters.
U.S. Congress
The legislative branch of the federal government, which is being urged to take a more active role in overseeing the Federal Reserve and ensuring the stability of the U.S. dollar.
What they’re saying
“It would be a pity if we have to wait. The U.S. dollar would benefit from new thinking at the Fed.”
— Judy Shelton, Author
What’s next
The Senate Banking Committee will hold a hearing on Tuesday, April 22, 2026 to question Warsh about his views on Fed policies and the dollar. The outcome of the Justice Department's investigation into Powell's testimony may also influence Warsh's confirmation prospects.
The takeaway
This story highlights the growing concern over the Federal Reserve's impact on the stability and value of the U.S. dollar, and the calls for Congress to take a more active role in overseeing the central bank's policies and ensuring a trustworthy national currency.
