President Donald Trump’s Fed Chair nominee Kevin Warsh was confirmed Tuesday for a 14-year term on the Federal Reserve’s Board of Governors by a 51–45 Senate vote. The upper chamber is expected to vote Wednesday on confirming Warsh to a four-year term as chairman of the body.
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Current Fed Chair Jerome Powell’s four-year term expires Friday. Powell was nominated originally in 2018 by Trump and renominated in 2022 by President Joe Biden.
Powell is expected to remain on the Board of Governors until he is satisfied that the administration does not seek further partisan influence over the Fed. This move goes against the long-held tradition of resignation from the board by the former Fed chair once his term is concluded.
Warsh is expected to work closer with the president than his predecessor and has moved from a reputation as an “inflation-hawk” toward calls for lower interest rates, echoing Trump’s own stated policy preferences.
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