13.05.2026 22:40
The critical duty change at the US Central Bank has been formalized. Kevin Warsh, former board member nominated by US President Donald Trump for the Fed chairmanship, received Senate approval to replace Jerome Powell. Warsh will take over from Powell, whose term ends on May 15.
Kevin Warsh, nominated by U.S. President Donald Trump for the position of Federal Reserve (Fed) chairman, officially received approval after a Senate vote. Warsh's nomination was accepted with a vote of 54 to 45.
WILL TAKE OVER FROM POWELL
Thus, Kevin Warsh will take over from current Fed Chairman Jerome Powell, whose official term ends on May 15. It was stated that Powell will continue his role as a member of the Fed Board of Governors.
WILL CHAIR THE FIRST FOMC MEETING
Warsh is expected to begin his four-year term after the swearing-in ceremony. It was also noted that the new Fed Chairman will chair the Federal Open Market Committee (FOMC) meeting scheduled for June 16-17 for the first time.
PREVIOUSLY SERVED AT THE FED
Kevin Warsh, 56, is a graduate of Stanford University and Harvard Law School. Warsh previously served on the Fed Board of Governors from 2006 to 2011. The U.S. Senate had also approved Warsh's membership on the Fed Board of Governors the day before.