world-economy

Warsh Completes Divestment, Takes Office as Fed Chair in Contentious Transition

Kevin Warsh has sold the majority of his financial holdings ahead of his swearing in as Federal Reserve chair, fulfilling a key requirement from his confirmation process. The 56-year-old cleared a major hurdle in a historically divisive Senate vote that marked the narrowest confirmation margin ever for a Fed leadership position. Federal Reserve Governor Stephen Miran announced his resignation effective upon or shortly before Warsh's assumption of office. The transition sets the stage for one of the most controversial leadership changes in the central bank's history. It tests the institution's political independence during a period of heightened scrutiny over conflicts of interest among senior policymakers.