BREAKING: Senate Confirms New Fed Chair
The U.S. Senate on Wednesday confirmed Kevin Warsh as Chairman of the Board of Governors of the Federal Reserve System for a four-year term. The vote passed 54-45, with all Republicans in support and one Democrat, Senator John Fetterman (D-PA), crossing party lines to vote in favor.
The confirmation followed a two-step process required for the position. On Tuesday, the Senate first approved Warsh’s nomination to serve as a member of the Federal Reserve Board of Governors for a 14-year term ending in 2040 by a vote of 51-45, again with Fetterman as the sole Democrat voting yes.
Lawmakers then advanced the separate nomination for the chairmanship. Warsh’s elevation to chair clears the way for a leadership transition at the central bank.
President Donald Trump nominated Warsh on January 30, and formally transmitted the nomination to the Senate on March 4. The Senate Banking Committee advanced the nomination on a 13-11 party-line vote on April 29 after Senator Thom Tillis (R-NC) ended his blockade of the nomination, which was based on concerns over a criminal case against current Fed Chairman Jerome Powell.
“Kevin Warsh is a qualified nominee with a deep understanding of monetary policy. However, the Department of Justice continues to pursue a criminal investigation into Chairman Jerome Powell based on committee testimony that no reasonable person could construe as possessing criminal intent,” Tillis said shortly after the nomination was announced earlier this year.
“Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable. My position has not changed: I will oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved.”
Warsh testifies before the Senate Committee on Banking, Housing and Urban Affairs on April 21, 2026
Prior to government service, Warsh worked in the mergers and acquisitions department at Morgan Stanley. From 2002 to 2006, he served in the George W. Bush administration as special assistant to the president for economic policy and executive secretary of the National Economic Council.
In 2006, at age 35, Warsh became the youngest person ever appointed to the Federal Reserve Board of Governors. He served until 2011, acting as the board’s liaison to Wall Street during the 2008 financial crisis, its representative to the Group of Twenty (G-20), and emissary to Asian economies. He also held the role of administrative governor, overseeing board operations, personnel, and finances.
Jerome Powell’s four-year term as Federal Reserve Chair ends on May 15, at which point Warsh is set to assume the top role. Powell has stated he will remain on the Board of Governors, whose separate term for him runs until January 2028.