world-economy

Warsh Confirmed as Fed Chair in Closest Senate Vote on Record

Kevin Warsh won Senate confirmation Wednesday as Federal Reserve chair in a 54-45 vote, the most divisive confirmation for the position in modern history. The 56-year-old will lead the central bank following Jerome Powell's departure, with Powell's term as chair expiring Friday. Powell will remain at the Fed as a governor with two years remaining on his term. The Senate voted almost entirely along party lines, with Pennsylvania Democrat John Fetterman as the sole crossover vote supporting Warsh. President Trump has signaled expectations for rate cuts under Warsh's leadership, citing concerns about restrictive monetary policy under Powell. Warsh becomes the 11th Fed chair of the modern banking era. The confirmation concludes a monthslong selection process that began in summer 2025 and included nearly a dozen candidates.