{"id":255,"date":"2026-05-13T19:04:52","date_gmt":"2026-05-13T19:04:52","guid":{"rendered":"https:\/\/bostonrelocationinsider.com\/?p=255"},"modified":"2026-05-13T19:04:52","modified_gmt":"2026-05-13T19:04:52","slug":"senate-confirms-trump-pick-warsh-as-chairman-of-the-federal-reserve-following-powell","status":"publish","type":"post","link":"https:\/\/bostonrelocationinsider.com\/?p=255","title":{"rendered":"Senate confirms Trump pick Warsh as chairman of the Federal Reserve, following Powell"},"content":{"rendered":"<article>\n<div>\n<p><span>WASHINGTON (AP) \u2014 The Senate confirmed President Trump\u2019s nominee to lead the Federal Reserve, Kevin Warsh, bringing new leadership to the world\u2019s most powerful central bank at a fraught moment for the global economy.<\/span><\/p>\n<p>Read more <a href=\"https:\/\/bostonrelocationinsider.com\/?p=253\">FDA chief\u2019s resignation widens a leadership gap at the nation\u2019s health department<\/a><\/p>\n<p><span>Warsh was confirmed Wednesday in a largely party-line vote. His nomination had been thrown into doubt in recent months after Republican Senator Thom Tillis of North Carolina said he would block the nomination while the Justice Department investigated Fed Chair Jerome Powell. The Powell probe was dropped in April, clearing the way for the Senate to confirm Warsh.<\/span><\/p>\n<p><span>Senate Majority Leader John Thune, R-S.D., urged colleagues to support Warsh during a floor speech Wednesday morning, saying it\u2019s critical that a Fed chair \u201cunderstand not only the macro\u201d but also \u201cappreciate the microeconomy: and that\u2019s the hardworking Americans, their jobs and their livelihoods.\u201d<\/span><\/p>\n<\/div>\n<div>\n<p><span>\u201cKevin Warsh is just such a person,\u201d Thune said.<\/span><\/p>\n<p><span>Warsh, 56, a former top Fed official, will become chair at an unusually difficult time for the independent agency.<\/span><\/p>\n<div>\n<div>\n<div><span>Get Starting Point<\/span><\/div>\n<div><span>A guide through the most important stories of the morning, delivered Monday through Friday.<\/span><\/div>\n<div>\n<div><label>Enter Email<\/label><\/p>\n<div><button>Sign Up<\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><span>Inflation has topped the Fed\u2019s 2 percent target for five years and is now rising faster because of spiking gas prices. The Fed\u2019s interest rate-setting committee is divided and saw the most dissenting votes in more than three decades last month. And Powell, after years of personal attacks from the Republican president and an unprecedented legal investigation by the Justice Department, plans to stay on the Fed\u2019s board even after his term as chair ends, potentially creating a competing power center.<\/span><\/p>\n<div>\n<div>\n<h2>Trump has demanded change at the Federal Reserve<\/h2>\n<\/div>\n<\/div>\n<p><span>The Fed has faced numerous threats to its independence from Trump, who has repeatedly attacked Powell for not cutting interest rates. Trump also sought to fire Fed governor Lisa Cook and launched an investigation into brief Senate testimony by Powell on a building renovation.<\/span><\/p>\n<p><span>Kevin Hassett, director of the White House\u2019s National Economic Council, said in a Fox News interview on Sunday that he believes the markets are relieved that Warsh \u201cis going to help lower interest rates over time.\u201d<\/span><\/p>\n<p><span>\u201cObviously, data driven,\u201d said Hassett. \u201cI\u2019m not putting any pressure on Kevin Warsh.\u201d<\/span><\/p>\n<p><span>In December, Trump said on his social media platform that he wanted a Fed chair who would cut interest rates when the stock market rose \u2014 the opposite of what traditional economics would prescribe \u2014 and added, \u201cAnyone that disagrees with me will never be the Fed chairman!\u201d<\/span><\/p>\n<p><span>Trump\u2019s comments have fueled concerns over whether Warsh will set rates based on economic conditions or seek to cut rates to appease Trump, even if doing so could worsen inflation. At Warsh\u2019s confirmation hearing last month, Senator Elizabeth Warren, a Democrat from Massachusetts, derided him as a \u201csock puppet\u201d for Trump. Warsh declined to say that Democrat Joe Biden had won the 2020 election against Trump, who has falsely claimed that voter fraud cost him reelection.<\/span><\/p>\n<p><span>Still, Warsh denied at the hearing that Trump had pressured him to reduce the Fed\u2019s key rate.<\/span><\/p>\n<p><span>\u201cThe president never once asked me to commit to any particular interest rate decision, period,\u201d Warsh said then. \u201cNor would I ever agree to do so if he had. &#8230; I will be an independent actor if confirmed as chair of the Federal Reserve.\u201d<\/span><\/p>\n<div>\n<div>\n<h2>A critic of the Fed\u2019s leadership in the past<\/h2>\n<\/div>\n<\/div>\n<p><span>Warsh has been highly critical of the Fed\u2019s recent track record, particularly the inflation spike in 2021-22, the worst in four decades, and has called for \u201cregime change.\u201d Yet he has provided only broad outlines of what that change would involve.<\/span><\/p>\n<p>Read more <a href=\"https:\/\/bostonrelocationinsider.com\/?p=251\">In a surprise, GOP-endorsed candidate for lieutenant governor says she didn\u2019t collect enough signatures to make ballot<\/a><\/p>\n<p><span>He has called for limiting the Fed\u2019s communications, which would be a sharp shift after decades of increasing transparency. He has argued that some of its communications tools, such as quarterly forecasts of where its key rate may head, have made it harder for officials to switch gears.<\/span><\/p>\n<p><span>Senate Democrats have also condemned Warsh for not fully divulging the details of his extensive wealth, which disclosures show amounts to at least $100 million. His investments include stakes in Polymarket and SpaceX, but he hasn\u2019t revealed how large those holdings are. He promised to sell all such assets within 90 days of being sworn in.<\/span><\/p>\n<p><span>\u201cHe will be the wealthiest Fed chair in history, but he refuses to provide transparency to the American people about who he is entangled with,\u201d Warren said.<\/span><\/p>\n<div>\n<div>\n<h2>Warsh faces difficult economic conditions <\/h2>\n<\/div>\n<\/div>\n<p><span>The Fed is still grappling with how to respond to the 50 percent spike in gas prices from the Iran war. The increase has boosted inflation, which reached 3.8 percent in April.<\/span><\/p>\n<p><span>The Fed is tasked by Congress with keeping prices stable, which it seeks to do by raising its short-term rate to make borrowing and spending more expensive, cooling growth and inflation.<\/span><\/p>\n<p><span>The Fed typically looks past temporary price increases that stem from supply disruptions, such as the war\u2019s cutoff of oil through the Strait of Hormuz, because those prices typically level off \u2014 or even fall back down \u2014 once the supply is restored.<\/span><\/p>\n<p><span>But the Fed also followed that approach after the coronavirus pandemic snarled global supply chains for goods, lifting prices for things like cars, furniture and electronics. Inflation turned out to last longer than expected, and Powell and other Fed officials have acknowledged they waited too long to raise rates. Inflation surged to 9.1 percent by June 2022.<\/span><\/p>\n<p><span>The Fed\u2019s rate-setting committee has kept rates unchanged for three straight meetings as it evaluates the impact of the gas price spike. At its most recent meeting last month, three members of the committee objected to language that suggested its next move would be a rate cut. They preferred more neutral language that would allow for a hike. Many Fed watchers saw those dissents as a warning shot to Warsh that he won\u2019t be able to easily engineer rate reductions.<\/span><\/p>\n<p><span>A fourth member of the 12-member committee, Stephen Miran, dissented in favor of a rate cut, as he has at every meeting since Trump appointed him to the Fed\u2019s board last September. Miran is serving until a replacement is named, and Warsh will take his spot.<\/span><\/p>\n<p><span>Powell, meanwhile, said at a news conference April 29 that he would remain as a Fed governor until the Justice Department closes its investigation into the Fed\u2019s building project, the first time a chair may stay on the board for an extended period since 1948. His term as a governor lasts until January 2028.<\/span><\/p>\n<p><span>US Attorney Jeanine Pirro has dropped the government\u2019s probe, but she has said it could be reopened if the Fed\u2019s inspector general, which has looked into the renovation project since last July, finds evidence of criminal activity. <\/span><\/p>\n<p>Read more <a href=\"https:\/\/bostonrelocationinsider.com\/?p=249\">Senate again rejects bid to end Iran war, but GOP opposition grows<\/a><\/p>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>Kevin Warsh is bringing new leadership to the world\u2019s most powerful central bank at a fraught moment for the global economy.<\/p>\n","protected":false},"author":1,"featured_media":254,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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