Kevin Warsh’s Early Moves as Federal Reserve Chair Signal Reform Agenda

Kevin Warsh was sworn in as Federal Reserve Chair on May 22, 2026. He hired two conservative researchers as temporary contractors: Paul Winfree, author of the Federal Reserve chapter in the Heritage Foundation’s “Project 2025” blueprint, and Daniel Heil, a Hoover Institution policy fellow. His advisory circle includes Condoleezza Rice, Stanley Druckenmiller and Chevron CEO Mike Wirth.

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Warsh served as a Fed governor during the 2007-2008 crisis under Ben Bernanke and later denounced the “Powell Fed.” In a 2025 interview he called his agenda “regime change,” saying it would require “breaking some heads.” Project 2025 proposes ending the Fed’s dual mandate and refocusing on “protecting the dollar and restraining inflation.”

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• May 22, 2026 – Swearing-in ceremony.

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• June 2, 2026 – Memo to >20,000 Fed employees; hires of Winfree and Heil reported.

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• June 16-17, 2026 – First Fed policy meeting under Warsh.

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The Fed employs >20,000 staff, holds a $6.7 trillion balance sheet, and Warsh’s four-year term includes two temporary contractors.

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Warsh’s memo said, “our highest priority will be to get policy right in service to our remit and the national interest,” and pledged to “ensure an environment that supports our people in doing their life’s best work.” He added the Fed “won’t rely on past practices when we find better alternatives” and called for “open, clear-eyed discussions of Fed strategies, policies, and operations.” He expressed optimism about “new technologies and new ways of doing business … arriving with unmatched speed.” The Fed declined comment.

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Warsh previously targeted the Fed’s 12 regional banks and its drift into non-monetary issues. The administration’s attempt to fire Governor Lisa Cook, before the Supreme Court, is seen as a direct threat to Fed independence.

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Warsh’s swearing-in remarks supported both sides of the dual mandate, while Winfree’s Project 2025 chapter advocated eliminating it. The Fed has not clarified a policy shift, and the Supreme Court decision on Governor Cook remains pending.

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• “Our highest priority will be to get policy right in service to our remit and the national interest.” — Kevin Warsh, internal memo

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• “We won’t rely on past practices when we find better alternatives,” — Kevin Warsh, internal memo

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• “goal now is to create an environment in which the best people can do their life's best work.” — Kevin Warsh, swearing-in remarks

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• “I could not be more optimistic about all that we can achieve together.” — Kevin Warsh, memo

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Warsh’s first policy meeting on June 16-17 will show whether rates stay steady and how the $6.7 trillion balance sheet may be trimmed. The Supreme Court’s ruling on Governor Cook will further shape the Fed’s independence and the pace of reforms.

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