The US Senate has confirmed Kevin Warsh as the next chair of the Federal Reserve (Fed), approving President Donald Trump’s nominee to replace Jerome Powell.
Warsh was confirmed by a 54-45 vote, with Republicans’ narrow majority enough to secure his appointment.
He will take up the role for a four-year term, formally succeeding Powell after the latter’s eight years as chair.
Warsh’s first meeting at the helm of the central bank is scheduled for 16–17 June.
During the confirmation process, Warsh pledged to bring “regime change” to the Fed. He has criticised the institution as being too political and too open in the way it communicates its decisions.
Powell, meanwhile, will remain on the Board of Governors.
At his final press conference as chair last month, Powell congratulated Warsh and said he would support him in any way possible, while stepping back to allow the new chair to lead.
Warsh is no stranger to the central bank. He served on the Federal Reserve Board of Governors from 2006 to 2011.
During that period, he represented the Fed at the Group of Twenty and acted as the board’s envoy to emerging and advanced economies in Asia.
He also served as administrative governor, with responsibility for the board’s operations, personnel and financial performance.
Before joining the Fed board, Warsh worked at the White House from 2002 to 2006.
His roles there included Special Assistant to the President for economic policy and Executive Secretary of the White House National Economic Council. Earlier, he worked in Morgan Stanley’s mergers and acquisitions department in New York, where he held the titles of vice-president and executive director.
“Kevin Warsh confirmed as next Federal Reserve chair” was originally created and published by The Accountant, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.