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Wed, 13 May 2026

Wed, 13 May 2026 Trump's Fed chair pick Kevin Warsh confirmed by US Senate

Kevin Warsh was confirmed by the narrowest margin since the role required a Senate confirmation vote.

* Kevin Warsh has been confirmed as the new Federal Reserve chair with a vote of 54-45, despite being a controversial pick.
* His confirmation was the narrowest margin for a Fed chair since 1977 and was largely along party lines.
* Only one Democrat, Pennsylvania Senator John Fetterman, voted in favor of Warsh's confirmation.
* As Fed chair, Warsh will face pressure from President Trump to lower interest rates, despite most economists expecting rates to be held or raised due to rising inflation.
* The rise in inflation has been driven by surging energy costs, with oil prices spiking after the closure of the Strait of Hormuz.
* Food, housing, and airfare costs are also on the rise, causing pressure on consumers.
* Warsh has vowed not to act as Trump's "sock puppet" and will fight to defend the central bank's independence.
* Senator Elizabeth Warren warned that Warsh is "uniquely ill-suited" for the role and has been put in place to do Trump's bidding.
* Carl Tobias, a law professor at the University of Richmond, described Warsh's situation as a "Mission Impossible" due to the sharply divided Fed board and Trump's demands for lower interest rates.