Senate confirms Kevin Warsh as Fed chair as Trump presses for lower rates
Summary
The Senate confirmed Kevin Warsh as chairman of the Federal Reserve with a vote of 54-45. President Donald Trump had pushed for Warsh’s appointment to lower interest rates, opposing the previous Fed chair Jerome Powell, who will remain on the Fed board.Key Facts
- Kevin Warsh was confirmed by the Senate as Fed chair, starting a four-year term on Friday.
- The vote was 54-45, with one Democrat joining all Republicans to support Warsh.
- Warsh was also confirmed to the Fed’s Board of Governors until 2040.
- President Trump has criticized Powell and wants lower interest rates to boost the economy.
- The Justice Department investigated Powell, but prosecutors dropped the case, allowing Warsh’s confirmation to proceed.
- Warsh has previously supported both higher and lower interest rates and promises to act independently.
- The Fed’s recent cautious approach has kept rates steady amid concerns about inflation and economic uncertainties.
- Powell noted that the Iran conflict is adding uncertainty to the economic outlook.
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