Senate confirms Kevin Warsh as Fed governor, clearing path to replace Powell as chair

Politics – CBSNews.com — 2026-05-12 11:29:00 — www.cbsnews.com

Washington — The Senate confirmed Kevin Warsh to the Federal Reserve’s Board of Governors on Tuesday, a crucial step in President Trump’s push to make Warsh the central bank’s leader after months of uncertainty due to a criminal probe of outgoing chief Jerome Powell. The chamber voted 51-45 to confirm Warsh to a 14-year term as one of the Fed’s seven governors. The Senate still needs to vote separately to confirm Warsh as chair of the Board of Governors, replacing Powell, whose four-year term as chair ends Friday. That vote is expected later this week.

Warsh is taking the board seat held by Stephen Miran, a Trump adviser who was confirmed to the Fed last September to fill a vacancy created by an early resignation. Miran’s term technically ended in January, but he was allowed to remain on the board until his successor was confirmed. Warsh’s term as Fed governor will run until 2040. An alumnus of Stanford University and Harvard Law School, Warsh is returning to the Fed after a five-year stint as a governor that ended in 2011, spanning the global financial crisis. Since leaving the Fed, he has worked as a Hoover Institution fellow and an adviser for billionaire investor Stanley Druckenmiller.

Warsh has been a frequent critic of the Fed, questioning everything from the size of its balance sheet and its approach to regulating banks, to the ways it uses data and communicates to the public. Mr. Trump has made no secret of his desire for the Fed to lower interest rates, calling Powell a “moron” and a “stubborn mule” for not agreeing to aggressively slash rates. In confirmation hearings, Warsh promised to safeguard the Fed’s power to set interest rates independently, stating, “Mr. Trump never asked me to predetermine, fix or decide on any interest rate decision, nor would I ever do so.”

How this sits against verifiable accuracy
The excerpt indicates that Trump has expressed a desire for the Federal Reserve to lower interest rates and has criticized Powell in harsh terms. Warsh’s statements during confirmation hearings suggest he intends to maintain the Fed’s independence from political influence, directly addressing Trump’s alleged requests regarding interest rate decisions.

Targets and tone
The excerpt shows Trump singling out Jerome Powell, calling him a “moron” and a “stubborn mule,” which reflects a hostile tone towards the Fed’s outgoing chair.

In summary, the confirmation of Kevin Warsh to the Federal Reserve’s Board of Governors marks a significant development in Trump’s ongoing influence over the central bank, particularly as he continues to advocate for lower interest rates.

Source: https://www.cbsnews.com/news/kevin-warsh-senate-confirms-fed-governor/