Four Democratic senators on the Senate Banking Committee have called on Federal Reserve Chair Kevin Warsh to publicly disclose his communications with President Donald Trump, arguing that recent reporting raises sincere doubts about the central bank’s independence. Led by Maryland Senator Chris Van Hollen and joined by Jack Reed, Angela Alsobrooks and Elizabeth Warren, the lawmakers cited Wall Street Journal reporting that Warsh and Trump have spoken repeatedly since Warsh’s confirmation in April, contacts that do not appear on the chair’s public calendars even as those calendars list meetings with other senior White House officials. The senators said Warsh has declined on multiple occasions to confirm the conversations, and they warned that secret, free-flowing talks with the president—if accurate—would be unprecedented in the modern era and undermine transparency in monetary policy. Warsh told the House Financial Services Committee last month that the Fed would remain independent on his watch and that he would ensure independent monetary policy over his four-year term, while the president has already pressed the Fed chief to consult him on interest-rate decisions. The clash keeps Fed independence and rate expectations in focus for markets, including risk assets such as Bitcoin and crypto-linked equities, amid broader White House pressure for lower rates.