Senate confirms Kevin Warsh as Fed chair as Trump's economic vision comes into focus
The Senate cleared Kevin Warsh on Wednesday to lead the Federal Reserve, ushering in a new era at the central bank under President Donald Trump's nominee.The Senate confirmed Warsh, 54–45,...
By Fox News · Fox News
The Senate cleared Kevin Warsh on Wednesday to lead the Federal Reserve, ushering in a new era at the central bank under President Donald Trump's nominee. The Senate confirmed Warsh, 54–45, concluding a monthslong search that began last summer for a successor to Federal Reserve Chair Jerome Powell as his term neared its end. The vote was largely along party lines, with only Pennsylvania Democrat Sen. John Fetterman crossing over in support. Earlier in the week, Warsh was confirmed to the Fed’s Board of Governors , a 14-year appointment and a required step before serving as chair. He previously served on the board as its youngest member at age 35 and now returns to lead the central bank at a pivotal moment. Though the Federal Reserve operates largely out of public view, its decisions shape borrowing costs, job growth and interest rates for millions of Americans, making Warsh’s confirmation a pivotal moment for how that influence will be wielded. Warsh, a lawyer and financier, steps into the role at a particularly volatile time. FROM MORTGAGES TO CAR LOANS: HOW AFFORDABILITY RISES AND FALLS WITH THE FED The central bank is grappling with persistent inflation, the economic fallout from the war in Iran, and a looming Supreme Court decision involving Fed Governor Lisa Cook, all while political pressure builds ahead of the midterm elections in November. The 56-year-old multimillionaire has already signaled a clear break from the central bank’s current approach. In testimony before lawmakers on April 21, Warsh pledged to keep monetary policy "strictly independent" and said he intended to keep the central bank "in its lane," warning that the Fed had become too involved in social policy. He has also taken aim at what he sees as a complacent central bank, warning that large institutions are prone to inertia and that clinging to the "status quo" in a fast-moving economy is not just outdated, but dangerous. WATCH: SEN. WARREN UNLOADS ON TRUMP’S FED NOMINEE KEVIN WARSH IN EXPLO…