Business
Trump action that is set to complicate Warsh’s Senate confirmation
President Donald Trump announces Kevin Warsh as his pick for new Federal Reserve chairman in a Truth Social post.
President Donald Trump’s pick of Kevin Warsh to lead the Federal Reserve shifts the focus to the Senate, where confirmation could be delayed by Republican opposition linked to a criminal probe of Fed Chair Jerome Powell.
Warsh would succeed Powell, whose term expires in May, but must first be confirmed by a simple majority in the Senate, a process that typically begins with a hearing and vote in the Senate Banking Committee.
Kevin Warsh, former governor of the U.S. Federal Reserve, in Sun Valley, Idaho, on Wednesday, July 9, 2025. (David Paul Morris/Bloomberg via Getty Images)
Sen. Thom Tillis R-N.C., doubled down Friday, saying he will oppose the confirmation of any Federal Reserve nominee until the Trump administration concludes its criminal probe of Powell. Tillis’s resistance carries particular weight given his seat on the Senate Banking Committee.
TRUMP NOMINATES KEVIN WARSH TO SUCCEED JEROME POWELL AS FEDERAL RESERVE CHAIR
“Kevin Warsh is a qualified nominee with a deep understanding of monetary policy. However, the Department of Justice continues to pursue a criminal investigation into Chairman Jerome Powell based on committee testimony that no reasonable person could construe as possessing criminal intent,” Tillis wrote in a post on X.
TRUMP ADMINISTRATION’S CRIMINAL PROBE OF FED CHAIR POWELL SPARKS RARE GOP REVOLT ON CAPITOL HILL
“Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable,” Tillis added.
With Tillis placing a hold on Warsh’s nomination, the only way to force it out of the Senate Banking Committee would be through a discharge vote on the Senate floor, a move that requires 60 votes and is unlikely in a deeply divided Senate, particularly amid tensions over the investigation into Powell.
What’s more, his potential ascension to lead the world’s most powerful central bank comes during a period of unusual strain.
TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY
President Donald Trump speaks to Fed Chair Jerome Powell during a tour of the Federal Reserve in Washington, D.C., Thursday, July 24, 2025. (Official White House Photo by Daniel Torok)
What began as tension over interest rate policy has now spiraled into a full-blown confrontation, marking the most challenging moment of Powell’s eight-year leadership of the Federal Reserve.
On Jan. 11, Powell confirmed that the Justice Department had opened a criminal investigation into his congressional testimony related to the renovation of the Federal Reserve’s two historic main buildings on Washington, D.C.’s National Mall.
FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATION
Powell called the move “unprecedented” in a video statement and another example of what he described as Trump’s ongoing threats lobbed at the central bank. His decision to respond so publicly, after days of private consultation with advisers, marked a sharp departure from his typically measured approach.
Federal Reserve Chairman Jerome Powell confirmed the central bank had been served by the Justice Department in connection with allegations related to congressional testimony on the renovation of the bank’s headquarters. (Credit: Federal Reserve)
On Wednesday, Powell, who addressed journalists for the first time since the opening of the criminal probe, said his advice for the next Fed chair would be to stay out of elected politics. He also reiterated the importance of an independent central bank.
POWELL REVEALS WHAT IT WOULD TAKE TO STEP DOWN FROM THE FED AS PRESSURE MOUNTS
Powell, widely viewed as one of the most crisis-tested Federal Reserve chairs in modern U.S. history, built his career as a lawyer and investment banker in New York before entering public service in the administration of President George H.W. Bush.
He joined the Federal Reserve’s Board of Governors in 2012 and was nominated by Trump to lead the central bank in 2017.
Melania Trump says talks with Putin team continue to free Ukrainian kids
Pratt engine supply doubts weigh on Airbus output goal, sources say
OPINION: No-one wants to read through a lazy offering of slop, but that’s what many AI-created reports are.
Galaxy Digital Stock Is Tumbling on an Earnings Miss. It’s a Tale of Two Businesses.
What Keeps CEOs Up At Night. Hint: It Isn’t AI.
Oppenheimer Holdings: Public Markets Come Back, Driving ECM And Profits
’Today’ show’s Savannah Guthrie pleads for safe return of missing mother
NFL Hall of Famer Terrell Owens said Wednesday that the recent snubs of New England Patriots owner Robert Kraft and former coach Bill Belichick from the institution show the system is flawed, and someone needs to be held accountable.
“It’s just plain dumb” Owens told CNBC Sport in an interview in San Francisco ahead of Super Bowl LX. “Something has to change.”
The decisions not to vote Kraft and Belichick into the Pro Football Hall of Fame raised eyebrows because of the Patriots’ success. With a win over the Seattle Seahawks on Sunday, the franchise would hold the most Super Bowl wins of any NFL team with seven. Belichick was the team’s head coach for all six of its championship victories, including one over Owens’ Philadelphia Eagles.
2018 Hall of Fame inductee Terrell Owens speaks during a ceremony at halftime of the game between the San Francisco 49ers and the Oakland Raiders at Levi’s Stadium on Nov. 1, 2018 in Santa Clara, California.
Daniel Shirey | Getty Images
Owens suggested it may be Jim Porter, the Hall of Fame’s president, who has the power to change the system.
“He has to change or make some some adjustments or amendments into either the criteria or the mission statement of the Hall of Fame. Something has to be done,” Owens said.
He also placed the blame on the writers responsible for voting.
“Whoever put the guidelines and the bylaws in place to ultimately land coaches and athletes in the most prestigious place that you could ever be, and that’s Canton. If the people that you’re appointed aren’t adhering to that, then something’s wrong. They should be held accountable. They should be stripped of their position,” he said.
The Pro Football Hall of Fame did not immediately respond to a request for comment.
The former six-time Pro Bowler Owens would know something about Hall of Fame voting. Owens played 15 seasons in the NFL and was inducted into the Pro Football Hall of Fame in 2018 after being passed over twice despite being ranked near the top of nearly every receiving category. Owens said it cost him financially.
“There’s a lot of complicated financial opportunity that comes with being really a first-ballot Hall of Famer. There’s a ring to it,” he added. “It used to mean so much, and now it seems to be a little bit watered down.”
When he was inducted into the Hall of Fame, Owens opted to skip the celebration in Canton, Ohio, instead holding his own celebration at the University of Tennessee at Chattanooga, his alma mater, in protest of what he called a “flawed process,” according to ESPN.
Toyota expected to post third straight quarterly profit drop as costs, tariffs bite
Check out what’s clicking on FoxBusiness.com.
A major distributor in the gun and outdoor sporting goods industry has filed for bankruptcy.
Big Rock Sports, LLC, a key supplier serving tens of thousands of retailers across the U.S. and abroad, has filed for Chapter 7 bankruptcy liquidation in the U.S. Bankruptcy Court for the Eastern District of North Carolina, according to court documents obtained by FOX Business.
The North Carolina–based company reported more than $100.9 million in liabilities, compared with estimated assets of between $10 million and $50 million.
The bankruptcy filing does not specify what triggered the liquidation but indicates that Big Rock Sports was overwhelmed by a surge of lawsuits from property owners, suppliers and business partners, SBG Media reported.
NEARLY 100-YEAR-OLD CANDY COMPANY FILES FOR BANKRUPTCY AMID RISING COSTS, HEAVY DEBT: REPORT
A collection of rifles (iStock / iStock)
Roughly $83 million in unsecured claims are expected to go unpaid, according to SBG Media.
Although the company’s website is currently inaccessible, archived versions reviewed by FOX Business show Big Rock Sports claimed to serve more than 20,000 retailers across the fishing, shooting, camping, taxidermy and marine industries.
The distributor said its operations spanned the U.S., Canada, the Caribbean region and eight other countries.
RESTAURANT GIANT FILES FOR BANKRUPTCY UNDER MASSIVE DEBT SHORTLY AFTER TOUTING MAJOR EXPANSION
A fisherman is pictured on a boat. (iStock / iStock)
Big Rock Sports also reported working with roughly 1,200 vendor partners and operating approximately 850,000 square feet of distribution space at warehouses in North Carolina, Minnesota and Nevada.
“Although Big Rock is one of the largest outdoor sporting goods distributors in North America, we’re much more than that,” the company stated on its website. “We offer an exclusive array of tools and resources that are designed to give retailers a competitive edge.”
Big Rock Sports traces its roots back to 1955, when All-Sports Supply was founded in Portland, Oregon.
FRANCESCA’S ALLEGEDLY FIRES WORKERS WITHOUT WARNING AS WOMEN’S CLOTHING RETAILER SHUTS DOWN FOR GOOD
Big Rock Sports filed for Chapter 7 Bankruptcy. (iStock / iStock)
“The history of Big Rock Sports goes back more than 60 years to the founding of All-Sports Supply in Portland, [Oregon],” the company wrote. “At that time, sporting goods was a much more personal business, and distributors knew the names of their retailers as well as their families.”
The company’s Canadian subsidiary was liquidated prior to the U.S. bankruptcy filing, according to The Street.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Big Rock Sports could not immediately be reached by FOX Business for comment.
Days of our Lives: Theo Discovers Shocking Truth About Mom Lexie’s Death?
BREAKING THIS CHANGES EVERYTHING!! YOU HAVE UNTIL MONDAY XRP HOLDERS
Owner of Mowthorpe Garden of Rest defends hunt on land
-
Crypto World6 days agoSmart energy pays enters the US market, targeting scalable financial infrastructure
-
Crypto World6 days agoSoftware stocks enter bear market on AI disruption fear with ServiceNow plunging 10%
-
Politics6 days agoWhy is the NHS registering babies as ‘theybies’?
-
Crypto World6 days agoAdam Back says Liquid BTC is collateralized after dashboard problem
-
Video2 days agoWhen Money Enters #motivation #mindset #selfimprovement
-
Tech21 hours agoWikipedia volunteers spent years cataloging AI tells. Now there’s a plugin to avoid them.
-
Fashion5 days agoWeekend Open Thread – Corporette.com
-
NewsBeat6 days agoDonald Trump Criticises Keir Starmer Over China Discussions
-
Politics3 days agoSky News Presenter Criticises Lord Mandelson As Greedy And Duplicitous
-
Crypto World5 days agoU.S. government enters partial shutdown, here’s how it impacts bitcoin and ether
-
Sports4 days agoSinner battles Australian Open heat to enter last 16, injured Osaka pulls out
-
Crypto World4 days agoBitcoin Drops Below $80K, But New Buyers are Entering the Market
-
Crypto World3 days agoMarket Analysis: GBP/USD Retreats From Highs As EUR/GBP Enters Holding Pattern
-
Crypto World5 days agoKuCoin CEO on MiCA, Europe entering new era of compliance
-
Business5 days ago
Entergy declares quarterly dividend of $0.64 per share
-
Sports3 days agoShannon Birchard enters Canadian curling history with sixth Scotties title
-
NewsBeat2 days agoUS-brokered Russia-Ukraine talks are resuming this week
-
NewsBeat3 days agoGAME to close all standalone stores in the UK after it enters administration
-
Crypto World1 day agoRussia’s Largest Bitcoin Miner BitRiver Enters Bankruptcy Proceedings: Report
-
Crypto World6 days agoWhy AI Agents Will Replace DeFi Dashboards