{"id":80355,"date":"2026-05-12T16:43:17","date_gmt":"2026-05-12T16:43:17","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/senate-confirms-kevin-warsh-as-fed-governor-clearing-path-to-replace-powell-as-chair\/"},"modified":"2026-05-12T16:43:17","modified_gmt":"2026-05-12T16:43:17","slug":"senate-confirms-kevin-warsh-as-fed-governor-clearing-path-to-replace-powell-as-chair","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/senate-confirms-kevin-warsh-as-fed-governor-clearing-path-to-replace-powell-as-chair\/","title":{"rendered":"Senate confirms Kevin Warsh as Fed governor, clearing path to replace Powell as chair"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p><em>Washington <\/em>\u2014 The Senate confirmed Kevin Warsh to the Federal Reserve&#8217;s Board of Governors on Tuesday, a crucial step in President Trump&#8217;s push to make Warsh the central bank&#8217;s leader after months of uncertainty due to a criminal probe of outgoing chief Jerome Powell.<\/p>\n<p>The chamber voted 51-45 to confirm Warsh to a 14-year term as one of the Fed&#8217;s seven governors. The Senate still needs to vote separately to confirm Warsh as chair of the Board of Governors, replacing Powell, whose four-year term as chair ends Friday. That vote is expected later this week.<\/p>\n<p>Warsh is taking the board seat held by Stephen Miran, a Trump adviser who was <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/senate-stephen-miran-federal-reserve-trump-interest-rates-fomc\/\" data-invalid-url-rewritten-http=\"\">confirmed to the Fed last September<\/a><\/span> to fill a vacancy created by an early resignation. Miran&#8217;s term technically ended in January, but he was allowed to remain on the board until his successor was confirmed. Miran previously chaired the White House&#8217;s Council of Economic Advisers, and in an unusual move, <a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/Miran%20Resp.%20to%20Warren%20QFRs%209-7-25.pdf\" target=\"_blank\" rel=\"noopener\">took a leave of absence<\/a> to serve on the Fed for a few months.<\/p>\n<p>Warsh&#8217;s term as Fed governor will run until 2040.<\/p>\n<p>An alumnus of Stanford University and Harvard Law School, Warsh is returning to the Fed after a five-year stint as a governor that ended in 2011, spanning the global financial crisis. Since leaving the Fed, he has worked as a Hoover Institution fellow and an adviser for billionaire investor Stanley Druckenmiller. Warsh&#8217;s <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/kevin-warsh-net-worth-fed-chair-nominee\/\" data-invalid-url-rewritten-http=\"\">net worth exceeds $100 million<\/a><\/span>, and he is married to Jane Lauder, the billionaire granddaughter of cosmetics magnate Est\u00e9e Lauder.<\/p>\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2026\/05\/12\/9687c6a3-8385-434d-a7e6-449eb7c6a9d2\/thumbnail\/620x422\/f0e94921710dec65f8966228692ac6b5\/gettyimages-2272663448.jpg#\" alt=\"Kevin Warsh is sworn in during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing on April 2 in Washington, D.C. \" height=\"422\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2026\/05\/12\/9687c6a3-8385-434d-a7e6-449eb7c6a9d2\/thumbnail\/620x422\/f0e94921710dec65f8966228692ac6b5\/gettyimages-2272663448.jpg 1x, https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2026\/05\/12\/9687c6a3-8385-434d-a7e6-449eb7c6a9d2\/thumbnail\/1240x844\/2fe14557f5793f8d1f0178f59e579a21\/gettyimages-2272663448.jpg 2x\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">Kevin Warsh is sworn in during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing on April 2 in Washington, D.C.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Chen Mengtong\/China News Service\/VCG via Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>Warsh has been a <a href=\"https:\/\/www.reuters.com\/business\/fed-chair-nominee-warsh-has-big-ideas-here-are-some-his-own-words-2026-04-20\/\" target=\"_blank\" rel=\"noopener\">frequent critic of the Fed<\/a>, questioning everything from the size of its balance sheet and its approach to regulating banks, to the ways it uses data and <a href=\"https:\/\/www.hoover.org\/sites\/default\/files\/research\/docs\/Commanding%20Heights%20April%2025%202025%20DC.pdf\" target=\"_blank\" rel=\"noopener\">communicates to the public<\/a>. Warsh has also <a href=\"https:\/\/www.foxbusiness.com\/economy\/former-fed-governor-says-trump-right-frustrated-powells-restrictive-policies\" target=\"_blank\" rel=\"noopener\">signaled at times<\/a> over the last year that he&#8217;s open to lowering interest rates, though in his prior run as a Fed governor, he was known as more of a hawk, focused on inflation risks and wary of overly loose monetary policy.<\/p>\n<p>Mr. Trump has made no secret of his desire for the Fed to lower interest rates, calling Powell a &#8220;moron&#8221; and a &#8220;stubborn mule&#8221; for not agreeing to aggressively slash rates. The Fed faces tough trade-offs in its rate-setting decisions: Lowering them can boost economic growth, but sometimes at the cost of causing inflation to heat up.<\/p>\n<p>Since joining the Fed board last fall, Miran has dissented from every decision by the Fed&#8217;s interest rate-setting Federal Open Market Committee. When the 12-member panel left rates stable in its <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/federal-reserve-fomc-meeting-today-rate-decision-jerome-powell-kevin-warsh\/\" data-invalid-url-rewritten-http=\"\">three meetings so far this year<\/a><\/span>, Miran called for rate cuts. When the panel had reduced rates for its final three meetings of 2025, Miran argued the cuts should&#8217;ve been larger.<\/p>\n<p>In confirmation hearings, Warsh <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/kevin-warsh-fed-chair-hearing-independence-trump-rates\/\" data-invalid-url-rewritten-http=\"\">promised<\/a><\/span> to safeguard the Fed&#8217;s power to set interest rates independently. He said Mr. Trump &#8220;never asked me to predetermine, fix or decide on any interest rate decision, nor would I ever do so.&#8221;<\/p>\n<p>&#8220;I will be an independent actor if confirmed as chair of the Federal Reserve,&#8221; he said last month.<\/p>\n<p>Warsh&#8217;s confirmation was thrust into uncertainty earlier this year, after Powell revealed that the Fed had <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/doj-subpoenas-federal-reserve-building-renovations-jerome-powell\/\" data-invalid-url-rewritten-http=\"\">received subpoenas<\/a><\/span> as part of a criminal probe into his testimony to the Senate about a multibillion-dollar renovation to the central bank&#8217;s headquarters. Powell argued the investigation was an attempt to intimidate him, which prosecutors deny. A judge quashed the subpoenas, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/federal-reserve-jerome-powell-subpoenas-justice-department-judge\/\" data-invalid-url-rewritten-http=\"\">finding<\/a><\/span> they were intended to &#8220;harass&#8221; Powell into either lowering rates or resigning.<\/p>\n<p>The investigation worried some Senate Republicans, with Sen. Thom Tillis of North Carolina refusing to vote any Fed nominees out of the Senate Banking Committee unless the investigation ended.\u00a0<\/p>\n<p>Tillis lifted his block on nominees after U.S. Attorney for D.C. Jeanine Pirro <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/justice-department-drops-probe-into-fed-chair-jerome-powell\/\" data-invalid-url-rewritten-http=\"\">said last month<\/a><\/span> her office would close its probe. Pirro said the Fed&#8217;s Inspector General will look into the issue, and she will &#8220;not hesitate to restart a criminal investigation should the facts warrant doing so.&#8221;<\/p>\n<p>As a member of the seven-person Fed board, Warsh will serve with two governors who were nominated during Mr. Trump&#8217;s first term, plus three Biden nominees. Mr. Trump&#8217;s attempts to fire one of the Biden picks have been blocked in court so far.<\/p>\n<p>And, at least for now, Powell will round out the board. He has said he will remain a rank-and-file member of the Fed&#8217;s Board of Governors until he&#8217;s confident the investigation is &#8220;well and truly over,&#8221; making him the first outgoing Fed chair in more than 75 years to stick around after his chairmanship is up.<\/p>\n<p>Powell has not specified how long he will stay on the board. His term ends in January 2028. He has promised to keep what he said would be a &#8220;low profile.&#8221;<\/p>\n<section class=\"content__body--footer\">\n<\/section>\n<p>  <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation  \">\n        <\/aside>\n<section class=\"content__body--footer\">\n      <!-- tags --><br \/>\n    <\/section>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a 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