Story perspectives

Senate Clears Warsh; Fed Holds Rates, Powell Stays

4/30/2026

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Summary

Story summary

The Senate Banking Committee cleared Kevin Warsh, President Donald Trump's Fed chair nominee, on a 13-11 vote.
The Federal Reserve kept its benchmark rate at 3.5%-3.75% while four Federal Open Market Committee (FOMC) members dissented over language suggesting cuts.
Fed Chair Jerome Powell will stay a Fed governor after May 15 despite a Justice Department probe, with March inflation at 3.3% and unemployment at 4.3% amid the Iran war, shaping hold decision.

History

Historical Context

When Ronald Reagan nominated economist Alan Greenspan in August 1987, the Senate Banking Committee approved him, beginning a 19-year chairmanship that saw the Fed confront the 1987 market crash. The committee’s recent confirmation of Kevin Warsh echoes the partisan scrutiny that first accompanied Greenspan’s rise, underscoring how Senate dynamics continue to shape monetary leadership.

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Story summary

The Senate Banking Committee cleared Kevin Warsh, President Donald Trump's Fed chair nominee, on a 13-11 vote.
The Federal Reserve kept its benchmark rate at 3.5%-3.75% while four Federal Open Market Committee (FOMC) members dissented over language suggesting cuts.
Fed Chair Jerome Powell will stay a Fed governor after May 15 despite a Justice Department probe, with March inflation at 3.3% and unemployment at 4.3% amid the Iran war, shaping hold decision.

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