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Senate Confirmation Vote
Vote tally for the confirmation of Kevin Warsh as Federal Reserve Chair.
Primary Sources
Senate confirms Kevin Warsh as next chair of the Federal Reserve
Kevin Warsh won Senate approval to be the next chairman of the Federal Reserve. He takes over at a time when soaring gasoline prices have put upward pressure on inflation. Andrew Harnik/Getty Images North America hide caption toggle caption Andrew Harnik/Getty Images North America President Trump's pick to lead the Federal Reserve won Senate confirmation on Wednesday, just in time to officially take over as the leader of the central bank this week. Trump is hoping Kevin Warsh can lead the Fed into much lower interest rates — but the president could be frustrated by persistent inflation. Warsh was confirmed on a 54-45 vote, mostly along party lines. He has argued there's room to lower rates, but he also promised to use his own judgment in setting monetary policy — and not to take orders from the White House. Warsh denied charges from Sen. Elizabeth Warren, D-Mass., that he would be Trump's "sock puppet." Warsh will replace Jerome Powell, who has led the Fed since 2018. Although Trump appointed Powell to the job, he has relentlessly criticized the outgoing Fed chairman for not moving more aggressively to lower borrowing costs. Powell's term as chairman ends on Friday. Warsh's confirmation as chair was delayed after President Trump waged a pressure campaign against the Fed, with the Justice Department even launching a criminal investigation of the central bank. But Sen. Thom Tillis, R-N.C., initially blocked a committee vote on the nomination to protest that probe, with the senator dropping his opposition only after a U.S. attorney agreed to drop the probe. Powell will stay on In a break with tradition, Powell will remain on the Fed's governing board for a period of time after stepping down as chairman. That's unusual since Fed chairs typically leave the central bank when their term as the head is done. But Powell is determined to safeguard the institution from political pressure. He has vowed to keep a low profile and not try to overshadow Warsh. But Powell will continue to have a vote on the 12-member committee that sets interest rates. Some members of that committee are wary of cutting rates at a time when inflation is stubbornly above their 2% target, and moving in the wrong direction. Price pressures have only increased since the war with Iran snarled tanker traffic in the Strait of Hormuz, triggering a spike in the cost of crude oil and gasoline. At the last rate-setting meeting in April, three members of the committee hinted their next move could ...
Kevin Warsh confirmed as new US Federal Reserve chair amid controversy ...
Senate confirms Trump pick Kevin Warsh as Federal Reserve chair in 54-45 vote amid growing independence concerns.Kevin Warsh has been confirmed by the United States Senate to be the chair of the Federal Reserve’s Board of Governors, succeeding Jerome Powell, whose term ends on Friday.On Wednesday, the Senate voted to confirm Warsh in a 54-45 vote with Senator John Fetterman of Pennsylvania, a Democrat, joining his Republican colleagues amid a contentious confirmation process.Recommended Stories list of 3 itemslist 1 of 3Sam Altman says Elon Musk wanted 90 percent of OpenAI in high-stakes triallist 2 of 3China’s Xi expected to press Trump on Taiwan, tariffs during summitlist 3 of 3Messi remains highest paid player in MLS with base salary of $28mend of listOn Tuesday, Warsh, 56, US President Donald Trump’s pick to succeed Powell, was confirmed for a 14-year term by the Senate to join the central bank’s Board of Governors also 51–45 vote with Fetterman voting with Republicans.Warsh’s swearing-in to both positions awaits final White House signatures on paperwork sent by the Senate.Independence concernsWarsh’s confirmation comes amid a slew of concerns about independence at the US central bank and rising inflation.In his confirmation hearing before the Senate Banking Committee late last month, he was accused of being a “sock puppet” for Trump by Senator Elizabeth Warren.Warsh, who previously served on the central bank’s Board of Governors from 2006 to 2011, was in favour of rate hikes in 2024 when Joe Biden was US president, but shifted his opinion when Trump came into office, advocating for rate cuts and mirroring Trump’s calls for more aggressive cuts.In the last year, the Trump administration has pushed for more control over the central bank. Trump tried to fire Fed Governor Lisa Cook, a Biden appointee, amid allegations of mortgage fraud, and called for a Department of Justice (DOJ) investigation into Powell’s management of a building renovation project that a federal judge ruled was a pretext for pressuring Powell to cut rates or resign.The DOJ dropped the investigation after Senator Thom Tillis of North Carolina, a ranking member of the Senate Banking Committee, said he would not vote to advance Trump’s nominee to lead the central bank until the investigation ended.Policy shiftsWarsh has pushed for “regime change” within the central bank. He wants a smaller balance sheet, which he argues should allow for a lower policy rate.The Fed’s next meeting, the fir...
Senate confirms Trump pick Kevin Warsh as next Federal Reserve chair
The Senate confirmed former finance executive and former Federal Reserve Governor Kevin Warsh as the U.S. central bank's new chair May 13.
Kevin Warsh wins Senate confirmation to Federal Reserve Board of ...
The US Senate on Tuesday voted 51-45 to approve Kevin Warsh as a governor on the Federal Reserve Board, the first step in a two-step process that would make him the next chair of the central bank.
