Trump gets his new Fed chief |
Trump gets his new Fed chief
Kevin Warsh confirmed as Federal Reserve chair
The Senate on Wednesday voted to confirm Kevin Warsh to succeed Jerome Powell as the next chairman of the Federal Reserve, setting the stage for new leadership at the powerful central bank, which faces pivotal decisions ahead on monetary policy.
Centrist Sen. John Fetterman (D-Pa.) was the only Democrat to vote for Warsh, who previously served on the Federal Reserve’s board of governors from 2006 to 2011. The vote was 54-45.
Every Republican voted to confirm Warsh, whose nomination was held up after Sen. Thom Tillis (R-N.C.) put a hold on all of President Trump’s nominees to the Fed to protest the Justice Department’s criminal probe of Powell related to his congressional testimony about the renovation of the Fed’s headquarters in Washington.
Sen. Kirsten Gillibrand (D-N.Y.) missed the vote.
The Senate confirmed Warsh only two days before Powell’s term as chairman is scheduled to expire on Friday.
Powell, who has clashed with Trump over lowering interest rates, says he will remain on the board of governors until his term in that role expires at the end of January 2028.
Warsh, who is 55, developed a reputation as an inflation hawk during his time on the Fed under Presidents George W. Bush and Barack Obama.
He played a key role in developing the Fed’s response to the 2008 financial........