US Senate confirms Kevin Warsh as next Federal Reserve chair in historic split vote
Warsh succeeds Jerome Powell on Friday amid heightened political scrutiny and concerns over central bank independence.
Kevin Warsh, 56, has been confirmed by the US Senate as the next chair of the Federal Reserve, succeeding Jerome Powell. The confirmation vote passed with a tally of 54-45, concluding a selection process described by the Financial Times as one of the most fraught for a central bank chief in recent decades.
Warsh is set to assume the role as Powell’s term concludes on Friday. The appointment follows a separate confirmation on Tuesday, where the Senate approved Warsh for a 14-year term on the central bank’s Board of Governors in a 51-45 vote.
The confirmation process for the chairmanship was marked by significant political division. Democratic Senator John Fetterman of Pennsylvania joined Republican colleagues in supporting Warsh’s appointment, contributing to the final 54-45 margin.
During his confirmation hearing before the Senate Banking Committee, Senator Elizabeth Warren accused Warsh of being a "sock puppet" for President Donald Trump. The remark underscored broader concerns regarding the independence of the US central bank.
The Trump administration has recently increased pressure on the Federal Reserve, including an attempted dismissal of Governor Lisa Cook and actions by the Department of Justice. These developments have intensified scrutiny over the relationship between the executive branch and the nation’s monetary authority.
