US Senate confirms Kevin Warsh as new Federal Reserve Chair to replace Jerome Powell

United States (U.S.) President Donald Trump’s pick to replace Jerome Powell as the Federal Reserve Chair has been approved by the U.S. Senate.

Kevin Warsh was confirmed on May 13 and he will officially step into the role tomorrow or May 15, succeeding Powell.

54 U.S. senators voted in favour of his nomination while 45 voted against it, marking the narrowest margin of Senate approval of a Fed Chair since 1977.

Warsh is taking on responsibility at a challenging time as economies worldwide are facing severe pressure due to U.S.-Israeli war on Iran. Moreover, he is succeeding Powell, who ignored President Trump’s calls for interest-rate cuts leading to tensions between the two.

Experts have warned that Warsh might be forced to raise interest rates due to pressure from high-inflation rates, contrary to Trump’s wishes, who, on multiple occasions, called to slash the rate, currently ranging between 3.50% - 3.75%.

During his confirmation hearing, the upcoming Fed Chair vowed not to act as a “sock puppet” for President Trump and to fight for the central bank’s independence.

He will also face a challenging situation as Powell has announced to stay on the Board of Governors despite ending his term as the Chair. In a press conference on April 29, 2026, the outgoing Fed Chair said that he wants to keep a low profile as the nominated Chair Kevin Warsh takes charge in May.

Powell said, “I will leave when I think it’s appropriate to do so.” His stay will mark the historic first of a Fed Chair staying on at the end of their chairmanship since 1948.

Who is Kevin M. Warsh?

Warsh is a 56-year-old American financier and bank executive. He has served as Federal Reserve governor from 2006 and 2011 under President George W. Bush’s administration.

The report is based on sources and media reports. No name is final until the U.S. president makes an official announcement.