Full Breakdown
Senate Committee Advances Warsh’s Fed Chair Nomination
4/29/2026, 8:15:59 PM
Committee Vote Advances Warsh’s Nomination
On April 29 the Senate Banking Committee voted 13-11 along party lines to advance President Donald Trump’s Fed chair nominee Kevin Warsh to the full Senate. The vote, the first fully partisan committee vote on a Fed chair, clears a path for confirmation before Jerome Powell’s term ends May 15. The Federal Open Market Committee is expected to keep the benchmark rate in the 3.5-3.75 % range.
Background & Context
Warsh, a former Fed governor (2006-2011) and Hoover Institution fellow, was nominated in January 2026. His confirmation stalled when Republican Senator Thom Tillis tied his support to a DOJ probe of Powell over a Fed-headquarters renovation. The DOJ ended the probe on April 24, prompting Tillis to drop his objection. Critics include Senate Banking Committee ranking member Elizabeth Warren (D-MA); supporters include committee chair Tim Scott (R-SC) and Tillis.
Why It Matters
Warren argues Warsh’s confirmation would let the president seize Fed control and “artificially juice” the economy; supporters claim his experience makes him battle-tested for volatile inflation and geopolitical shocks.
Official Statements & Responses
Trump said he’d be disappointed if Warsh does not cut rates. Warren warned the nomination threatens Fed independence. Tillis said his vote depended on the DOJ’s assurance the probe was over and now backs Warsh. Scott called Warsh essential for the Fed’s mission. Warsh pledged he never promised rate cuts and will keep monetary policy independent. The DOJ said the Powell probe closed with no criminal evidence.
Criticism & Opposition
Warren called Warsh a “sock puppet,” highlighted his $100 million-plus assets, and questioned his divestiture timing. Gallego (D-AZ) said Warsh evaded questions on loyalty pledges and on Fed independence.
Conflicting Reports & Gaps
The DOJ says the probe is closed, but U.S. Attorney Pirro warned she could restart it if facts warrant, and Warren warned the investigation could be revived. Trump’s push for immediate rate cuts conflicts with Warsh’s refusal to promise cuts. Powell has not said whether he will stay on the Board after his term.
Verbatim Quotes
- “A vote today by this committee to advance Mr. Warsh will bring the president one step closer to completing his illegal attempt to seize control of the Fed and to artificially juice the economy,” — Elizabeth Warren, Senator, Massachusetts
- “Kevin Warsh's leadership is absolutely essential now at the Federal Reserve than ever before,” — Tim Scott, Chairman, Senate Banking Committee
- “I am prepared to move on with the confirmation of Mr. Warsh. I think he’s going to be a great Fed chair,” — Thom Tillis, Senator, North Carolina
- “The president never asked me to predetermine, fix or decide on any interest rate decision, nor would I ever do so,” — Kevin Warsh, Fed Chair Nominee
What's Next
The full Senate will vote the week of May 11. Confirmation before May 15 would let Warsh assume the chair at the June policy meeting, reshaping rate policy and Fed-White House relations.
