Kevin Wash Confirmed by U.S. Senate as Next Federal Reserve Chair

Kevin Wash was confirmed by the U.S. Senate on Wednesday as the next Chair of the Federal Reserve. His appointment comes at a time when President Trump is advocating for interest rate cuts, while recent inflation data has complicated the rationale for such reductions.

In one of the most contentious votes in the history of Federal Reserve Chair elections, the 56-year-old Wash was ultimately confirmed to succeed Jerome Powell, who has served as Chair since 2018. Powell's term is set to expire this Friday.

The U.S. Senate confirmed Wash's appointment with a vote of 54 in favor and 45 against, concluding a months-long selection process for Powell's successor that began in the summer of 2025. The vote fell almost entirely along party lines, with only Democratic Senator John Fetterman of Pennsylvania crossing over to support Wash. With this confirmation, Wash becomes the 11th Chair of the Federal Reserve in the modern banking era.

Powell will remain on the Federal Reserve Board of Governors, with two years left in his term. He indicated last month that he would not step down until at least after the investigation into the renovation project at the Federal Reserve headquarters is concluded. The last time a former Chair returned to the Board was nearly 80 years ago.

President Trump has openly expressed his hope that Wash will lower interest rates. Previously, he repeatedly criticized Powell's monetary policy as overly restrictive.

A White House spokesperson stated, "The Senate's confirmation of Kevin Wash as Federal Reserve Chair is a welcome step toward ultimately restoring accountability, competence, and confidence in the Fed's decision-making."

Wash's first meeting as Chair of the Federal Open Market Committee (FOMC) is scheduled for June 16–17.

He will also become the wealthiest Chair in Federal Reserve history, with assets significantly exceeding $100 million. As Chair, under a stringent new policy implemented after high-level officials were exposed for questionable trading activities, he will be required to divest most of his investments.