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Warsh Confirmed as Federal Reserve Chair in Narrowest Vote on Record

Kevin Warsh won Senate confirmation Wednesday as the next Federal Reserve chairman in a 54-45 vote, the closest confirmation ever for the position. The 56-year-old takes over for Jerome Powell, whose term as chair expires Friday, in what became the most divisive Fed chair selection in modern banking history. Only one Democrat, Pennsylvania Senator John Fetterman, crossed party lines to support Warsh. The monthslong selection process began in summer 2025 and included nearly a dozen candidates. Among them were current Fed governors Christopher Waller and Michelle Bowman. President Trump has signaled expectations for rate cuts under Warsh's leadership, a stark contrast to his repeated criticism of Powell's monetary policy approach. Powell will remain at the Fed as a governor with two years remaining in his term, a historically unusual arrangement with no precedent in nearly 80 years.