Senate confirms Kevin Warsh as Fed chair in historically divided vote

The U.S. Senate confirmed Kevin Warsh as the next Federal Reserve chair on May 13, 2026, in a 54-45 vote, the most divided confirmation for a Fed chief in the central bank’s history. Warsh will succeed Jerome Powell, whose chair term ends May 15, 2026, amid renewed scrutiny over the Fed’s political independence. The vote was largely partisan, with Sen. John Fetterman of Pennsylvania the only Democrat backing Warsh. The margin was narrower than Janet Yellen’s 56-vote confirmation in 2014 and contrasts with Alan Greenspan’s unanimous reconfirmation in 2000. Warsh takes over as President Donald Trump pushes for lower interest rates, while inflation remains well above the Fed’s 2% target and supply-chain pressures are at a more than three-year high. Markets have scaled back rate-cut expectations and are pricing some risk of a rate increase later in 2026. Warsh, a former Fed governor from 2006 to 2011, is expected to chair his first FOMC meeting on June 16-17, 2026.