The United States Senate has confirmed Kevin Warsh as the new Federal Reserve chair on Wednesday, replacing Jerome Powell whose term ends on Friday. This confirmation came after a contentious process with a 54, 45 vote. Senator John Fetterman of Pennsylvania joined his Republican colleagues in voting for Warsh's nomination, despite growing concerns over the central bank’s independence.
Warsh, who previously served as a Federal Reserve governor, is expected to be the wealthiest Fed chair ever. His appointment comes amid President Donald Trump’s push for rate cuts and inflation concerns. During his confirmation hearing before the Senate Banking Committee last month, Warsh faced accusations of being too close to Wall Street interests, which added tension to the confirmation process.
Warsh's swearing-in to both positions is pending final White House signatures on paperwork sent by the Senate. His term will begin immediately following Jerome Powell’s departure. This move marks a significant shift in monetary policy direction as Warsh supports Trump’s economic agenda, including lower interest rates, despite potential risks to the Federal Reserve’s independence.
The confirmation process highlights ongoing debates about the role of political influence in shaping central bank leadership and its impact on broader economic policies.
This article was produced by AVALW News on Wednesday, May 13, 2026 based on reporting from 5 verified news sources. Our editorial process cross-references facts from multiple independent outlets to deliver accurate, comprehensive coverage. All original sources are linked below.