Donald Trump · White House · Kevin Warsh · Federal Reserve (FED) · Elizabeth Warren · US Senate · Fortune Technology
Kevin Warsh confirmed as Fed chair in party-line vote amid Elizabeth Warren’s ‘sock puppet’ criticism
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The Senate confirmed President Donald Trump’s nominee to lead the Federal Reserve, Kevin Warsh, bringing new leadership to the world’s most powerful central bank at a fraught moment for the global economy.
Key facts
- Warsh, 56, a former top Fed official, was confirmed Wednesday in a largely party-line 54-45 vote and will replace Jerome Powell as chair at an unusually difficult time for the independent agency
- Senate Democrats have also condemned Warsh for not fully divulging the details of his wealth, which amounts to at least $100 million
- Warsh has been highly critical of the Fed’s recent track record, particularly the inflation spike in 2021-22, the worst in four decades
- The Fed is still grappling with how to respond to the 50% spike in gas prices caused by the war in Iran
Summary
Warsh, 56, a former top Fed official, was confirmed Wednesday in a largely party-line 54-45 vote and will replace Jerome Powell as chair at an unusually difficult time for the independent agency. Inflation has topped the Fed’s 2% target for five years and is now rising faster because of spiking gas prices. Senate Majority Leader John Thune, R-S.D., said in a floor speech that it’s critical that a Fed chair “understand not only the macro” but also “appreciate the microeconomy: and that’s the hardworking Americans, their jobs and their livelihoods.” “Kevin Warsh is such a person,” Thune said.