Pennsylvania Democrat John Fetterman has joined Republicans in pushing for Warsh’s confirmation.
Published May 12, 2026
Kevin Warsh has been confirmed by the US Senate to join the Federal Reserve Board, ahead of an expected vote that would see an appointee of US President Donald Trump lead the central bank.
Tuesday’s Senate vote passed 51-45, with Democratic Sen. John Fetterman of Pennsylvania joining the Republican majority in confirming Warsh to a 14-year term.
Recommended stories
list of 4 itemsend of list
The next step in the Senate confirmation process will confirm him as central bank chairman for a four-year term. A vote is expected to take place as early as Wednesday, ahead of the expiration of current Chairman Jerome Powell’s term, which ends on Friday.
Independence questioned
Warsh’s confirmation comes with questions about the central bank’s independence amid continued pressure from President Trump to cut interest rates. Sen. Elizabeth Warren, confirmed by the Senate Banking Committee, accused Warsh, who served on the central bank’s board from 2006 to 2011, of being Trump’s “sock puppet,” a charge he denies.
President Trump said in December that he would appoint someone to lead the central bank only if he agreed with him on interest rates.
However, there are limits to the control power of the Fed chairman. He is one of 12 votes on the Federal Open Market Committee, which decides interest rates, and one of 19 voices at the policy-making table.
Warsh’s confirmation comes amid efforts by the Trump administration last year to take control of the Fed, including attempting to remove Fed Director Lisa Cook in a case currently before the Supreme Court and supporting a Department of Justice (DOJ) investigation into Mr. Powell’s management of building renovations that a federal judge determined was an excuse to pressure him to cut interest rates or resign.
The Justice Department has suspended its investigation, but Washington’s lead prosecutor has said it may reopen it.
Mr. Powell said last month that he would take the unusual step of staying on as chairman beyond the end of his term as chairman in response to “a series of legal attacks on the Fed that threaten its ability to conduct monetary policy without considering political factors.”
Future changes
Warsh said he plans a “systemic transformation” of the Fed, calling for stronger coordination with the Treasury Department and the Trump administration on non-monetary policy, including putting the Fed on a path to shrinking its balance sheet and allowing it to lower interest rates.
Since the start of the U.S. and Israel’s war against Iran, soaring oil prices have pushed up inflation and dampened investors’ hopes for interest rate cuts this year. Financial markets currently price the probability of a rate hike by December at about one-third. The Fed’s current target range for short-term borrowing costs is 3.5% to 3.75%.
The Fed’s next meeting, likely to be chaired by Mr. Warsh for the first time, is scheduled for June 16-17.
