David Frum

President Trump has tried to put pressure on Powell to cut interest rates by bringing up all incredible things or by preparing to bring, it's not filed yet, a criminal investigation of Powell for some series of nonsense charges.

Now, the charges aren't filed, but the president has been huffing and puffing and the Department of Justice has been demanding, has been subpoenaing Powell as if these actions were ready.

And at the same time, he's brought forward a successor.

Warsh looks like a solid B, maybe a B-plus nominee.

He looks a little partisan.

That is, he's a Republican, of course, and in Democratic terms, he's always calling for higher interest rates.

In Republican terms, he calls for lower interest rates.

He seems to be much more a creature of politics than an ideal Fed chairman should be.

But he's obviously an intelligent person.

He's got some knowledge and experience.

And he's not the cringing sycophant that some of the other candidates for the job that Trump might have chosen were.

So given in a pretty unimpressive Westminster dog show, he may be the least mangy poodle.

So fine, pick Kenneth Warsh.

But...

Senator Tom Tillis of North Carolina, who was outgoing, has said, I am not going to consider any nominee by the president, meritorious or not, unless we end these fool prosecutions, these sinister prosecutions that Trump has instituted against one Federal Reserve governor already, Lisa Cook, and is threatening against another, Jerome Powell, because they wouldn't cut interest rates as fast as he wanted.

Until these prosecutions are at an end, no consideration of any nominee whatsoever.

And because of the closely balanced nature of the Senate and the rules of the Senate, Tillis may be able to make the stick.

And if he is joined by other United States senators, then there's a real trial of strength to say the president cannot treat the Federal Reserve as an instrument of his vengeance and policy and his crass ambitions to

cut interest rates and try to get some inflationary juice into the economy before the election of 2026, no one will be considered until the prosecutions are ended.

That's more than just a defeat.