- The Senate confirmed Kevin Warsh as Federal Reserve Chairman by a vote of 54 to 45.
- Jerome Powell remains on the Federal Reserve Board of Governors as a member of the board.
- Warsh could be sworn in as early as Saturday after meeting ethics requirements.
The U.S. Senate approved Kevin Warsh was confirmed as the 17th Chairman of the Federal Reserve Board of Governors. His nomination was approved by 54 senators, with 45 voting against. Warsh will replace Jerome Powell, who will remain on the board rather than leave it entirely.
Powell will step down as chairman by midnight on Friday, May 15. Warsh will be sworn in on Saturday, March 16. This will occur after the Senate filings reach the White House and Warsh has complied with preliminary requirements from the Office of Government Ethics, including beginning to divest his investment portfolio.
Warsh had already served at the Federal Reserve. From 2006 to 2011, he served on the Board of Governors, becoming one of the youngest members in its history. After leaving the Fed, Warsh worked at an investment fund and wrote columns for The Wall Street Journal. In recent years, he has also been a vocal advocate for tight monetary policy and a return to more predictable market regulations.
This should please Trump, who has publicly criticized Powell throughout his term. criticized him, repeatedly accusing him of cutting interest rates too late and pressuring him for more aggressive monetary easing.
Warsh’s confirmation may close that chapter, but Trump has made it clear that he expects Warsh to lower borrowing costs as quickly as possible.
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