The Senate confirmed Kevin Warsh on Wednesday to become chairman of the Federal Reserve for a four-year term.
The 54-45 vote concludes the process two days before Fed Chair Jerome Powell’s term ends. The Senate confirmed Warsh on Tuesday to a 14-year term on the board, effective as of Feb. 1, 2026. He fills a board position previously held by Stephen Miran, who has been a consistent voice for monetary policy easing.
Sen. John Fetterman, D-Pa., crossed the aisle to join the Republican majority for the confirmation.
Warsh’s path to the Fed had been temporarily obstructed because of a Justice Department investigation of renovation costs at the central bank’s headquarters. The probe was seen as part of President Donald Trump’s effort to pressure Powell to lower interest rates. Sen. Thom Tillis, R-N.C., a member of the Senate Banking Committee, took that view and vowed to block any Fed nominees until the probe was dropped.
Tillis voted with other Republicans on the committee to recommend Warsh for confirmation after the DOJ said it would end the investigation. But the department could reopen it and Powell says he will remain on the board because of the uncertainty. His term ends in 2028.
Warsh’s arrival at the Fed comes as inflation is accelerating, driven largely by rising fuel prices since the start of the war with Iran. Consumer prices in April rose 3.8 percent in April from a year earlier, well above the Fed’s 2 percent target. The Federal Open Market Committee’s next monetary policy meeting will be June 16 and 17.
Democrats warn that Warsh could bow to Trump’s pressure to lower interest rates even when inflation data doesn’t justify such a move.
