Kevin Warsh.Image: keystone
US President Trump has long been at loggerheads with the previous Fed chairman, Jerome Powell. In the future, his preferred candidate will head the US Federal Reserve.
May 13, 2026, 9:03 p.mMay 13, 2026, 9:07 p.m
After teething problems, the change in personnel at the top of the US Federal Reserve can go ahead as planned. The Senate confirmed nominee Kevin Warsh on Wednesday by a vote of 54 to 45 for a four-year term as central bank chief and successor to Jerome Powell. His mandate as Fed Chairman ends on Friday.
Warsh is seeking closer coordination with President Donald Trump’s administration and wants to shrink the Federal Reserve’s balance sheet. Powell has been repeatedly criticized by Trump because, in the head of state’s opinion, he was too hesitant in reducing key interest rates.
The dispute between the independent central bank chief and the president developed into a kind of private feud, which culminated in investigations against Powell in connection with the costly renovation of the US Federal Reserve headquarters, which have now been discontinued. Warsh’s confirmation process was initially stuck in a Senate committee because a Republican senator made lifting the Powell investigation a condition of his approval.
Sources used:
- Reuters news agency