Kevin Warsh was sworn in as chair of the Federal Reserve Board of Governors, succeeding Jerome Powell. His confirmation followed a contentious nomination period, with Senate votes on his appointment and chair role largely along party lines. Only Senator John Fetterman supported the nomination against his Democratic colleagues. Warsh will lead the central bank as its independence faces political scrutiny. President Donald Trump emphasized that Warsh should be independent and not look to political figures. During confirmation, Elizabeth Warren accused Warsh of acting as a proxy for Trump, which Warsh denied. Warsh previously opposed rate cuts under Joe Biden but later aligned with Trump’s approach. Policy decisions require collective action from 12 voting members, with the first meeting scheduled for June 16-17 amid inflation concerns.
"Kevin Warsh has been sworn in as the new chair of the United States Federal Reserve Board of Governors, succeeding Jerome Powell, who has held the position since 2018. Warsh took the oath of office on Friday, following a contentious nomination period, with the Senate voting along party lines on both his confirmation to the Board of Governors and as chairman. Only Pennsylvania Senator John Fetterman broke with his Democratic colleagues to advance his nomination."
"US President Donald Trump, aware of that critique, in his opening remarks said, I want Kevin to be totally independent and do a great job. Don't look at me and don't look at anybody. Just do your own job. During his confirmation hearing before the Senate Banking Committee, ahead of a vote by the full Senate, Democratic Senator Elizabeth Warren accused Warsh of being a sock puppet for Trump. Warsh denied the allegations and claimed that he would remain independent in his monetary policy decisions."
"When Joe Biden was president, Warsh advocated against cutting interest rates, but changed his tune when Trump took office. In December 2025, Trump said that he would only appoint someone to lead the central bank who agreed with him on cutting rates. Regardless, Warsh cannot unilaterally make policy decisions. He is one of 12 voting members. The first policy meeting Warsh will lead will be on June 16-17."
"Pressure from the White House to cut rates comes amid rising inflation in the US economy. Consumer prices jumped 0.6 percent in April after a 0.9 percent rise in March, according to the most recent Consumer Price Index report released by the Labor Department's Bureau of Labor Statistics earlier this month. On an annual"
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]