US Senate Confirms Kevin Warsh as Next Fed Chair

04:00 PM EDT, 05/13/2026 (MT Newswires) -- The Senate confirmed Kevin Warsh as the next Federal Reserve chair in a 54-45 vote on Wednesday.

Warsh is US President Donald Trump's pick to replace Jerome Powell, whose term as Fed chief expires on Friday.

The Senate on Tuesday approved Warsh as a governor on the Fed board, bringing Stephen Miran's term to an end. Trump-nominee Miran filled the seat vacated by Adriana Kugler, who resigned in August 2025 as Fed governor.

Warsh served as a governor on the central bank's board from 2006 to 2011. Before joining the Fed, he was part of the George W. Bush White House and had worked at Morgan Stanley (MS).

Trump has repeatedly criticized Powell for the central bank's cautious view on lowering interest rates.

Powell, whose term on the Fed's Board of Governors runs through January 2028, said last month that he will stay on as a Fed governor for an indefinite period after his term as Fed chair expires.

Last month, the central bank's Federal Open Market Committee kept its policy rate unchanged for the third consecutive meeting, saying the Middle East conflict is fueling uncertainty about the US economic outlook.

US annual consumer inflation accelerated to 3.8% year over year in April, the highest print since May 2023, the Bureau of Labor Statistics reported Tuesday. The Fed targets a 2% long-run rate, as measured by the annual change in the personal consumption expenditures price index.

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