PANews reported on April 21 that, according to Jinshi, the US Congress will hold its first confirmation hearing for Federal Reserve Chairman nominee Warsh on Tuesday. Warsh will promise members of Congress that he will maintain strict independence on interest rate issues. According to his opening remarks obtained in advance by Politico, Warsh stated that interest rate decisions must be strictly independent of political considerations, and monetary policy should not be used as a tool for short-term political goals. He also emphasized that the Fed's credibility comes from institutional constraints and policy discipline. Warsh stated that central banks should listen to different opinions, and that politicians' views on interest rates are not a real threat. On the contrary, it is the Fed's own discipline and rigorous approach that maintains its independence. He stressed that price stability is the Fed's shield and promised to take full responsibility for it, "without making any excuses or shirking responsibility." Regarding the Fed's expanding functions in the post-crisis era, Warsh also warned that it should not extend its reach into areas of fiscal or social policy where it lacks statutory authority. The US Senate Banking Committee will hold a confirmation hearing for Warsh's nomination at 10 PM Beijing time on April 21.