Story perspectives

Senate Advances Warsh; Fed Holds Rates, Trump Wants Cuts

4/30/2026

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Summary

Story summary

The Senate Banking Committee voted 13–11 to advance Kevin Warsh’s nomination as the Federal Reserve chair.
The Federal Reserve (Fed) kept its funds rate at 3.5%-3.75% in the April 29, 2026 FOMC meeting, with four officials dissenting—the most since 1992.
Fed Chair Jerome Powell said he will stay on Board of Governors after his chairmanship ends May 15.
U.S. President Donald Trump urged lower borrowing costs, calling the rate level a time to cut rates.

History

Historical Context

President Jimmy Carter nominated Paul Volcker as Fed chair in July 1979, and under his leadership the Federal Reserve lifted the federal-funds rate to a 20 % peak in June 1981, curbing double-digit inflation. The 2026 Senate Banking Committee’s 13-11 vote advancing Kevin Warsh’s nomination, backed by President Donald Trump, echoes that earlier push for decisive monetary leadership.

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Story summary

The Senate Banking Committee voted 13–11 to advance Kevin Warsh’s nomination as the Federal Reserve chair.
The Federal Reserve (Fed) kept its funds rate at 3.5%-3.75% in the April 29, 2026 FOMC meeting, with four officials dissenting—the most since 1992.
Fed Chair Jerome Powell said he will stay on Board of Governors after his chairmanship ends May 15.
U.S. President Donald Trump urged lower borrowing costs, calling the rate level a time to cut rates.

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