The U.S. Senate voted on May 13 to confirm Kevin Warsh as the next Chair of the Federal Reserve, succeeding Jerome Powell. The vote was 54 in favor and 45 against. His term will last for four years.
On May 12, the Senate had already voted to confirm Warsh as a member of the Federal Reserve Board of Governors for a 14-year term.
Born in 1970, Warsh previously served as a Federal Reserve Governor from 2006 to 2011. In recent years, he has been critical of the Fed, advocating for adjustments to its communication strategy and inflation measurement metrics.
On January 30, President Donald Trump announced via social media his intention to nominate Warsh as the next Fed Chair. The White House formally submitted the nominations for Warsh to serve both as a Fed Governor and as the next Fed Chair to the Senate in early March.
The term of the current Fed Chair, Jerome Powell, is set to expire on May 15. Concerns over the Fed's "independence" being subject to political interference arose after federal prosecutors initiated a criminal investigation in early January into a renovation project at a Fed office building. These concerns temporarily delayed the confirmation of Warsh's nominations for both Governor and Chair in the Senate Committee on Banking, Housing, and Urban Affairs.
Powell's term as a Fed Governor will continue until the end of January 2028. He recently announced that he will remain on the Board as a Governor after his term as Chair concludes.
The seven members of the Federal Reserve Board of Governors are nominated by the President for 14-year terms. The nominee for Chair is selected by the President from among the sitting Governors for a four-year term, which can be renewed. All nominations require confirmation by the Senate.
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