By Bryan Mena, CNN

Washington (CNN) — Federal Reserve Chairman Kevin Warsh on Tuesday offered his most detailed account yet of the sweeping changes he’s ushering in at America’s central bank and the philosophy behind them.

Warsh appeared before the House Financial Services Committee to deliver the Fed’s semiannual Monetary Policy Report, a routine overview of the central bank’s affairs in recent months. He is scheduled to appear before the Senate Banking Committee on Wednesday.

The new Fed leader repeated many of the themes from his first news conference last month, after officials voted to hold their benchmark lending rate steady for the fourth consecutive meeting. That included his commitment to bringing inflation under control and his plan to establish five task forces review factors affecting monetary policy.

In his exchanges with House lawmakers on Tuesday, Warsh provided new details on how the task forces will present their findings. He was also pressed repeatedly on his views about the Fed’s political independence, the potential economic impact of AI and the lessons he drew from serving as a Fed governor during the 2008 global financial crisis.

Here are key takeaways from Warsh’s first congressional testimony, as policymakers navigate stubborn inflation and mounting geopolitical risks:

More details on his reforms

In his post-meeting news conference last month, Warsh announced task forces that will study and give recommendations on improving the following areas related to US monetary policymaking: communications; balance sheet policy; economic data; productivity and jobs; and inflation frameworks.

On Tuesday, Warsh said the task forces will share their findings “first with the decision makers,” who are the 19 members of the Federal Open Market Committee, the Fed group that sets interest rates. Then Warsh himself will present that to the public.

Warsh also explained that any proposed policy changes to the Fed’s $6.7 trillion balance sheet will be telegraphed to the public before any actual changes are made.

“If there were a change in balance sheet policy, we would preview it, explain it, debate it, and no changes in balance sheet policy would happen without good advance notice to the likes of this committee and broadly, financial markets,” Warsh said.

The Fed’s balance sheet became a major monetary policy tool during the Great Recession, when the central bank bought massive quantities of Treasuries and mortgage-backed securities to support the economy. Critics argue the expansion has pushed the central bank beyond its traditional remit.

‘We’re honored to be independent’

Warsh was pressed several times as to whether he believes in the Fed’s ability to set interest rates without political interference.

Democratic Rep. Nydia Velázquez of New York asked Warsh if he works for Trump, to which the Fed leader responded: “We’re an independent central bank.”

“We’re honored to be independent,” he told Velázquez. “Outside the four walls of the Federal Reserve, there’s no doubt a lot of politics.”

He reiterated that view in an exchange with Democratic Rep. Gregory Meeks of New York, who pressed Warsh on how he would respond if Trump “publicly pressures you to pursue a different course” than that warranted by economic data.

“My commitment to you is to follow the law and follow the data. Follow our very best judgment,” Warsh responded.

Warsh’s commitment to being independent continues to face scrutiny. The president last year waged an aggressive pressure campaign against the central bank in an effort to force lower interest rates. During the search for the next Fed chair, Trump said he expects his appointee to push for lower rates. Warsh maintains that he

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By Jennifer Hansler, Morgan Rimmer, Manu Raju, Alison Main, CNN

(CNN) — US senators on Tuesday unveiled their sweeping bipartisan Russia sanctions bill, which they have urged Congress to quickly pass to honor of one its main sponsors, the late Sen. Lindsey Graham.

The legislation, which is meant to pressure Moscow and deprive it of revenue for its war against Ukraine, has been in the works for more than a year. Graham announced on Friday, just a day before his sudden death, that lawmakers reached an agreement with the White House to move forward on the bill.

The more-than-60-page bill, if passed, would impose mandatory sanctions on Russian political and military leaders, including President Vladimir Putin, as well as oligarchs, state-owned enterprises, and foreign companies that support Russia’s defense industrial base.

It would also impose sanctions on Russia’s shadow fleet, its energy projects, and its financial institutions. In addition, it would impose a 100% tariff on the top five countries, including China and India, that purchase Russian crude oil and natural gas. It does allow an exemption for countries that import less than 15% of Russia’s total natural gas exports and are “taking significant steps to reduce those imports,” a Senate aide said.

Another Senate aide noted that “the vast majority of Russia’s income, particularly used toward its war of aggression in Ukraine, is made up from its exports of Russian oil and gas,” so the legislation has been “narrowly tailored . to very much focus on that aspect of the Russian economy.”

It is unclear when the bill will come to a vote, but the first Senate aide said there were more than two dozen co-sponsors and growing as of Tuesday early afternoon.

Bipartisan senators have expressed hope that the bill could finally pass, calling it a “fitting tribute” to Graham.

The second Senate aide said that at last week’s NATO summit, Graham and Democratic Sen. Jeanne Shaheen – a main co-sponsor of the bill – held a number of high-level conversations with administration officials, including Treasury Secretary Scott Bessent, to move the bill forward.

Democratic Sen. Richard Blumenthal, one of the key backers of the bill, said he spoke to Graham “literally hours before his passing.”

“I will say I have never heard him so exultant because we received word that the White House would support our sanctions bill after painstaking and sometimes painful, difficult bipartisan negotiation with the trade representative, the White House, the Treasury Department,” the Connecticut lawmaker said.

Alabama Republican Sen. Katie Britt, another cosponsor, said she spoke to Graham on Saturday night and “he was so excited about getting the White House on board with the Russian sanctions bill.”

“He had just talked to the president. He said that it was going to be the most consequential thing that he has accomplished in his long and storied career,” she said.

Florida Republican Sen. Rick Scott was clear that he will back the bill.

“Whatever we can do to sanction Russia, I’m all in,” Scott said, calling Putin a “thug.”

President Donald Trump on Tuesday said the bill had “a good chance,” but suggested that additional measures targeting Iran and Hezbollah could be added.

The first Senate aide, asked about Trump’s comments, said that the legislation “does contain secondary sanctions and secondary tariffs … for those that are engaged with the Russian defense industrial base, among other items,” which would impact Iran.

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