Trending Now - Kevin Warsh Takes Helm as New Federal Reserve Chair

WHO:

CNN - Democratic Sen. John Fetterman of Pennsylvania was the only Democrat to vote in favor of Warsh’s nomination.

CNN - Kevin Warsh, 56, was confirmed as the 17th chair of the Federal Reserve.

AP News - President Donald Trump nominated Warsh to lead the Federal Reserve.

AP News - Jerome Powell is the outgoing Federal Reserve Chair.

WHAT:

CNN - Warsh is inheriting a central bank that has long been under political siege from Trump and an economy rattled by geopolitical tensions that are driving inflation higher.

AP News - Warsh's first meeting as Fed chair is set for June 16-17.

AP News - The Fed's interest rate-setting committee has seen the most dissenting votes in more than three decades last month.

AP News - Inflation reached 3.8% in April, driven by a 50% spike in gas prices due to the Iran war.

CNN - The Senate confirmation vote for Warsh was 54-45, marking the most partisan vote for a Fed chair nominee in history.

AP News - Warsh has promised to sell all assets worth at least $100 million within 90 days of being sworn in.

AP News - Warsh's proposed changes include reducing the number of policy meetings each year from eight to as little as four.

CNN - Warsh is set to take office as inflation pressures intensify due to the US-Israeli war with Iran.

CNN - The Fed's interest rate-setting committee is divided and saw the most dissenting votes in more than three decades last month.

AP News - Inflation has topped the Fed’s 2% target for five years and is now rising faster because of spiking gas prices.

AP News - The Fed has kept rates unchanged for three straight meetings as it evaluates the impact of the gas price spike.

AP News - Powell plans to stay on the Fed’s board until the Justice Department closes its investigation into the Fed’s building project, with his term as a governor lasting until January 2028.

AP News - The investigation into Powell was dropped in April, clearing the way for the Senate to confirm Warsh.

Boston.com News - Warsh was confirmed by the Senate in a 54-45 vote, largely along party lines.

CNN - Warsh's confirmation marks the most partisan vote for a Fed chair nominee in history.

AP News - Warsh's confirmation brings new leadership to the Federal Reserve amid economic challenges.

CNN - Inflation reached a three-year high in April, outpacing wage growth.

AP News - Warsh is expected to face pressure from Trump regarding interest rate cuts.

WHERE:

AP News - The confirmation took place in the U.S. Senate.

WHEN:

CNN - Warsh will formally succeed Powell on May 15.

CNN - Warsh's first meeting as Fed chair is set for June 16-17.

WHY:

AP News - Senate Majority Leader John Thune stated that it is critical for a Fed chair to "understand not only the macro but also appreciate the microeconomy: and that’s the hardworking Americans, their jobs and their livelihoods."

AP News - Trump has demanded change at the Federal Reserve, specifically lower interest rates, which he believes will benefit Republicans in upcoming elections.

CNN - Warsh is viewed as more aligned with Trump, who has demanded rate cuts.

AP News - The Senate confirmation followed a stalled nomination process due to a Justice Department investigation into Powell.

HOW:

AP News - Warsh has proposed reducing the size of the Fed’s $6.7 trillion balance sheet and coordinating more closely with the Treasury Department on the balance sheet.

CNN - Warsh has called for limiting the Fed’s communications, which would be a shift from decades of increasing transparency.

AP News - Warsh has promised to sell all assets worth at least $100 million within 90 days of being sworn in.

CNN - Warsh's proposed changes include reducing the Fed’s $6.7 trillion balance sheet and cutting back on policy meetings.

AP News - Warsh promised to sell all assets worth at least $100 million within 90 days of being sworn in.

(UPDATED May 14, 2026 04:16 UTC)

President Trump has been a vocal critic of the Federal Reserve, pushing for lower interest rates to help Republicans in upcoming elections, while the economy faces challenges from geopolitical tensions and rising inflation, which hit 3.8% in April due to a significant spike in gas prices linked to the Iran war. As Warsh prepares to take the helm as Fed chair, his first meeting is scheduled for June 16-17, and he inherits a central bank that has experienced unprecedented dissent among its interest rate-setting committee in over thirty years. To address these issues, Warsh has suggested reducing the Fed's $6.7 trillion balance sheet and working more closely with the Treasury Department.

(UPDATED May 14, 2026 01:35 UTC)

In a historic Senate confirmation vote, Warsh was approved with a narrow margin of 54 to 45, marking the most partisan vote for a Federal Reserve chair nominee ever, with only Pennsylvania's Democratic Senator John Fetterman supporting him. Warsh has committed to selling all assets valued at over $100 million within 90 days of taking office and plans to reduce the number of policy meetings each year from eight to as few as four. Additionally, he aims to limit the Fed's communications, signaling a significant shift from the trend of increasing transparency that has characterized the institution for decades.

(UPDATED May 13, 2026 23:19 UTC)

Warsh is set to take office as inflation pressures mount due to the ongoing US-Israeli conflict with Iran, while the Federal Reserve's interest rate-setting committee has experienced its highest level of dissent in over thirty years. Inflation has exceeded the Fed's 2% target for five consecutive years and is accelerating, largely driven by rising gas prices, prompting the Fed to hold rates steady for three meetings as they assess the situation. Upon taking office, Warsh has pledged to divest all assets valued at least $100 million within ninety days.

(UPDATED May 13, 2026 21:22 UTC)

Kevin Warsh has been confirmed as the 17th chair of the Federal Reserve, following a 54-45 Senate vote that marked the most partisan approval for a Fed chair nominee in history. Nominated by Trump, Warsh will officially take over from Jerome Powell on May 15, and his first meeting as chair is scheduled for June 16-17. As he steps into this role, Warsh is expected to face pressure from Trump regarding interest rate cuts and has proposed significant changes, including reducing the Fed’s $6.7 trillion balance sheet.