Kevin Warsh, U.S. President Donald Trump’s nominee to be next chair of the Federal Reserve.
| Photo Credit: Reuters
Kevin Warsh, U.S. President Donald Trump’s pick to be the next chair of the Federal Reserve (Fed), on Monday (May 11, 2026) cleared a key procedural hurdle in the Senate, moving him closer to Senate confirmation and a smooth handoff from Fed Chair Jerome Powell, whose leadership term ends on Friday (May 15, 2026).
The Senate is expected to follow Monday’s (May 11, 2026) so-called cloture vote with a vote to confirm Mr. Warsh for a 14-year term as Fed Governor as soon as Tuesday (May 12, 2026). Lawmakers would then start the confirmation process for a concurrent four-year term as Fed chair, with a vote on that nomination to come as soon as Wednesday (May 13, 2026).
The Republican-controlled Senate is expected to approve Mr. Warsh to be the Fed’s next leader at a time when the central bank’s independence is being tested.
Mr. Trump’s unprecedented measures to exert control over the Fed include his attempt to fire Fed Governor Lisa Cook in a case that is now before the Supreme Court, and his support for a Department of Justice (DOJ) investigation into Mr. Powell’s management of a building renovation. A federal judge ruled the probe was pretext for pressuring Mr. Powell to cut rates or resign.
The DOJ dropped its investigation, but its lead prosecutor in Washington says she could reopen it, and Mr. Powell says he will stay on at the Fed until it is truly over.
Mr. Powell says he is concerned “about the series of legal attacks on the Fed which threaten our ability to conduct monetary policy without considering political factors.” Mr. Warsh has not weighed in on the Trump administration’s actions.
Mr. Warsh says he plans “regime change” at the Fed, including tightening its coordination with the Treasury and the administration on non-monetary policies, and setting it on course for a smaller balance sheet. Mr. Trump says he expects Mr. Warsh to cut rates. Mr. Warsh has said he has not made any promises to Mr. Trump on monetary policy.
The Fed chair has one of 12 votes on interest-rate decisions, and one of 19 voices at the policy-setting table. At their meeting last month, Fed policymakers voted to keep the policy rate in the 3.50%-3.75% range, and three central bankers dissented to express their openness to a possible interest-rate hike. The Federal Reserve’s next meeting, potentially the first chaired by Kevin Warsh, is scheduled for June 16-17.
Published – May 12, 2026 07:41 am IST
