Kevin Warsh confirmed and sworn in as Federal Reserve chair amid scrutiny of central-bank independence

Kevin Warsh became the 17th chair of the U.S. Federal Reserve in May 2026, completing a contested transition from Jerome Powell. Per the Federal Reserve Board's own release, the Senate confirmed Warsh as a Board member on May 12 and as chairman on May 13, 2026; he took the oath of office as chairman and a Board governor on Friday, May 22, with the Federal Open Market Committee unanimously selecting him as its chairman the same day. His chairman term runs through May 21, 2030, and his Board term through January 31, 2040.

President Trump nominated Warsh on March 4, 2026. PBS NewsHour reported the swearing-in took place in the White House East Room with Supreme Court Justice Clarence Thomas administering the oath; at the ceremony Trump said he wanted Warsh to be 'totally independent.' NPR and CNBC reported the Senate confirmation vote was 54-45—described as among the most divisive in Fed history—reflecting Democratic concern that Warsh would accommodate White House pressure for lower rates. The transition follows months of public pressure by Trump on Powell to cut rates, which critics said raised questions about Fed independence. Warsh, a former Fed governor (2006-2011) and longtime critic of the central bank's balance-sheet expansion, inherits a policy rate held at 3.50%-3.75% since the April 28-29 FOMC meeting, which itself featured a rare 8-4 dissent.

The next scheduled FOMC meeting is June 16-17, 2026. The succession does not by itself change policy but sets up a closely watched test of the Fed's reaction function under a chair installed by an administration openly seeking rate cuts.