Fed Chair Warsh vows inflation retreat in first House testimony
What's next: Warsh returns to Capitol on Wednesday for Senate testimony after defending the Fed's independence and 2% inflation goal.
Federal Reserve Chair Kevin Warsh used his first appearance before the House Financial Services Committee to promise tougher inflation control, saying the central bank has "no tolerance" for persistently elevated prices. Warsh, who took over in May after President Donald Trump nominated him and Congress confirmed him, also faced repeated questions about whether the Fed can operate independently after Trump's public pressure on former Chair Jerome Powell to cut rates. Warsh largely sidestepped those exchanges but said he would keep doing his job. In a CNBC interview, Berkshire Hathaway CEO Warren Buffett called Warsh a good choice and said his assignment is to bring inflation back to 2% while maintaining maximum employment.