Kevin Warsh has been confirmed as the next chair of the US Federal Reserve after the Senate approved President Donald Trump’s nominee in a narrow 54-45 vote.
Warsh, 56, will replace Jerome Powell after years of increasingly public clashes between Powell and Trump over interest rates. Trump repeatedly criticised Powell for refusing to aggressively cut borrowing costs and accused the Fed of slowing economic growth. The administration also launched investigations into the central bank during Powell’s tenure, fuelling concerns about political interference in an institution traditionally designed to operate independently.
