The U.S. Senate confirmed Kevin Warsh as the next chair of the Federal Reserve on May 13 (local time), AP reported.
In a floor vote, senators approved Warsh by 54 to 45. The chamber had approved his nomination to the Fed’s board the day before. As a result, Warsh will take office as Fed chair immediately after Jerome Powell’s term ends.
Powell’s term expires on May 15. Warsh is expected to be sworn in as early as this week, and he will serve a four-year term. As chair, he will preside over the Federal Open Market Committee (FOMC) meeting scheduled for June 16–17.
During his Senate confirmation hearings, Warsh repeatedly emphasized the Fed’s independence. He said, “Monetary policy will be set based on the Fed’s own judgment rather than the president’s demands.”
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