Kevin Warsh confirmed as new US Federal Reserve chair amid controversy
Summary
Kevin Warsh was confirmed by the U.S. Senate as the new chair of the Federal Reserve, replacing Jerome Powell. His confirmation faced debate over the Federal Reserve’s independence and policy changes during President Donald Trump’s administration.Key Facts
- The Senate confirmed Kevin Warsh as Federal Reserve chair with a 54-45 vote.
- Senator John Fetterman, a Democrat, joined Republicans in supporting Warsh.
- Warsh was nominated by President Donald Trump and confirmed for a 14-year term on the Fed’s Board of Governors.
- Concerns were raised about Warsh’s independence from President Trump during his confirmation.
- Warsh previously served on the Federal Reserve Board from 2006 to 2011.
- Under Trump, Warsh changed his stance from favoring interest rate hikes to supporting rate cuts.
- The Justice Department dropped an investigation into Jerome Powell’s management after political pressure.
- The Federal Reserve is expected to keep interest rates steady at its June meeting amid rising inflation.
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