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Senate Confirms Kevin Warsh as Fed Chair Amid Criticism

5/14/2026

33 6 Full Breakdown

Summary

Story summary

The U.S. Senate confirmed Kevin Warsh as chair of the Federal Reserve (Fed), with a 54-45 vote and his term beginning Friday.
Warsh has not disclosed his $100 million holdings and pledged to sell them within 90 days.
Warsh said he will shrink the Fed’s balance sheet and curb its communications.
Senator Elizabeth Warren and other critics called him a “sock puppet” for President Donald Trump, saying the appointment threatens Fed independence.

History

Historical Context

In the late 1970s, inflation fell to 5 % in December 1976 before rising again, prompting President Jimmy Carter to name Paul Volcker chair of the Federal Reserve in 1979. Volcker’s early rate hike to 12 % on October 6 1979 marked a decisive turn. Today, Senate leaders weigh Kevin Warsh’s nomination, reviving the same debate over Fed independence.

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Story summary

The U.S. Senate confirmed Kevin Warsh as chair of the Federal Reserve (Fed), with a 54-45 vote and his term beginning Friday.
Warsh has not disclosed his $100 million holdings and pledged to sell them within 90 days.
Warsh said he will shrink the Fed’s balance sheet and curb its communications.
Senator Elizabeth Warren and other critics called him a “sock puppet” for President Donald Trump, saying the appointment threatens Fed independence.

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