Senate confirms Kevin Warsh as Fed Chair in 54-45 vote

The Senate approved Kevin Warsh as chair of the Federal Reserve in a 54-45 vote, the slimmest margin on record for a Fed chair confirmation. Pennsylvania Democrat John Fetterman was the only Democrat to support the nomination.

Lawmakers first confirmed Warsh to a 14-year term as a Federal Reserve governor and then approved a concurrent four-year appointment as chair. The Senate sent the paperwork to the White House; Warsh must be sworn into both roles after the White House completes its signatures. He will succeed Jerome Powell, whose term ends this Friday.

Warsh will preside over his first Federal Open Market Committee meeting on June 16–17. At his confirmation hearing, he pledged that monetary policy would remain “strictly independent.” He previously served on the Fed’s Board of Governors from 2006 to 2011.

Recent inflation data has shaped the policy backdrop. Headline U.S. CPI (consumer prices index) rose 3.8% year over year in April, the largest annual increase since May 2023. Producer prices were up 6% in April. Those readings have prompted some market participants to push back expectations for rate cuts: Goldman Sachs moved its forecast for the Fed’s first rate cut to December 2026, and Pimco has warned that another rate increase cannot be ruled out.

President Donald Trump has publicly urged the central bank to lower interest rates and has criticized Powell for not cutting earlier, using the nickname “Too Late.” Observers expect Warsh’s vote at the June FOMC meeting to provide an early indication of his policy priorities.

After the vote, Senator Tim Scott posted on social media: “Kevin Warsh is battle-tested, serious, and ready to lead the Federal Reserve. President Trump made an excellent choice. I look forward to working with Chair Warsh to keep the Fed independent, depoliticized, and focused on affordability and opportunity for American families.”