Senate confirms Kevin Warsh as 17th Fed chair in record-close vote

The U.S. Senate on Wednesday confirmed Kevin Warsh as the 17th chair of the Federal Reserve, approving his nomination by a 54–45 vote—the closest and most contentious Fed chair confirmation on record. Warsh, 56, will succeed Jerome Powell, whose term as chair ends Friday. Sen. John Fetterman of Pennsylvania was the only lawmaker to break with his party. Powell is expected to remain on the Fed’s Board of Governors through January 2028. A Morgan Stanley veteran and former economic adviser in the George W. Bush administration, Warsh previously served on the Fed’s board from 2006 to 2011. He has publicly argued for "regime change" at the central bank, calling for a quicker reduction of the Fed’s balance sheet and tighter coordination with the U.S. Treasury. Markets are not reflecting the interest-rate cuts President Trump has demanded. Current pricing points to rates staying unchanged—or potentially rising by year-end—as inflation pressures build amid the U.S.-Israel conflict with Iran. Warsh’s first FOMC meeting as chair is scheduled for June 16–17.