Senate Confirms Kevin Warsh as Federal Reserve Governor Ahead of Expected Chair Vote

The Senate voted Tuesday to confirm Kevin Warsh as a governor of the Federal Reserve, advancing President Donald Trump’s effort to reshape the nation’s central bank leadership ahead of the expiration of Chairman Jerome Powell’s current term.

By yourNEWS Media Newsroom

The Senate approved Warsh in a 51-45 vote Tuesday, positioning him to potentially become the next chair of the Federal Reserve once Powell’s four-year term as chairman expires Friday.

A separate Senate vote to confirm Warsh as Fed chair is expected later this week.

Trump first announced Warsh’s nomination in January, describing the former Federal Reserve governor as one of the most qualified candidates to lead the central bank.

In a statement accompanying the announcement, Trump highlighted Warsh’s experience as a former Federal Reserve governor, White House economic adviser, and financial executive.

Warsh currently serves as a visiting fellow in economics at the Hoover Institution and lectures at the Stanford Graduate School of Business. He also worked with investor Stanley Druckenmiller at Duquesne Family Office LLC.

Trump’s January statement noted that Warsh became the youngest Federal Reserve governor in history when he joined the board at age 35, serving from 2006 through 2011 during the global financial crisis. He also represented the Federal Reserve at the G-20 and acted as the board’s liaison to Asian economies.

Before joining the Fed, Warsh worked in the White House from 2002 to 2006 as special assistant to the president for economic policy and executive secretary of the National Economic Council. Earlier in his career, he worked in mergers and acquisitions at Morgan Stanley.

The confirmation comes after the Federal Reserve last month kept benchmark interest rates unchanged at between 3.5% and 3.75%.

Powell has indicated he intends to remain on the Federal Reserve Board after his chairmanship concludes, though he said the duration of that continued service remains undetermined.

Warsh’s nomination advanced following the Justice Department’s decision last month to end a criminal investigation involving Powell.

Sen. Thom Tillis had previously warned he would oppose confirmation efforts for a new Federal Reserve chair until the Justice Department resolved the Powell investigation.

Trump said in his nomination announcement that Warsh “will go down as one of the GREAT Fed Chairmen, maybe the best.”