The Federal Reserve Board has confirmed Kevin Warsh as the new chair, succeeding Jerome Powell, whose term ends on Friday.
US President Donald Trump’s picked candidate was aimed to succeed Powell and was confirmed for a 14-year term by the Senate to join the central bank’s Board of Governors.
On Wednesday, the Senate voted to confirm Warsh in a 54-45 vote, with Senator John Fetterman of Pennsylvania, a Democrat, joining his Republican colleagues amid a contentious confirmation process.
Warsh’s swearing-in to both positions awaits final White House signatures on paperwork sent by the Senate.
Warsh previously served on the central bank’s Board of Governors from 2006 to 2011 and was in favor of rate hikes in 2024 when Joe Biden was US president but shifted his opinion when Trump came into office, advocating for rate cuts and mirroring Trump’s calls for more aggressive cuts.
In the last year, the Trump administration has pushed for more control over the central bank.
Trump tried to fire Fed Governor Lisa Cook, a Biden appointee, amid allegations of mortgage fraud, and called for a Department of Justice (DOJ) investigation into Powell’s management of a building renovation project that a federal judge ruled was a pretext for pressuring Powell to cut rates or resign.
Warsh has pushed for “regime change” within the central bank. He wants a smaller balance sheet, which he argues should allow for a lower policy rate.
CME FedWatch, which tracks the likelihood of certain monetary policy outcomes, says there is a 97 percent chance that rates will remain unchanged at the next policy meeting.
It is expected that the central bank will maintain interest rates at 3.50 percent to 3.75 percent for the remainder of 2026.
Warsh is a 56-year-old American financier and bank executive. He served as Federal Reserve governor from 2006 to 2011 under President George W. Bush’s administration.
Notably, Kevin Warsh will chair his first Federal Reserve meeting, which is scheduled for June 16-17, 2026.
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