Senate confirms Kevin Warsh as Fed chair as Trump presses for lower rates

Politics Senate confirms Kevin Warsh as Fed chair as Trump presses for lower interest rates By Joe Walsh Joe Walsh Senior Editor, Politics Joe Walsh is a senior editor for digital politics at CBS News. Joe previously covered breaking news for Forbes and local news in Boston. Read Full Bio Joe Walsh May 13, 2026 / 2:47 PM EDT / CBS News Add CBS News on Google Washington — The Senate on Wednesday voted to confirm Kevin Warsh as chairman of the Federal Reserve, marking a victory for President Trump, who has clashed with outgoing Fed chief Jerome Powell repeatedly and urged the central bank to slash interest rates.The vote was 54-45, with Democratic Sen. John Fetterman of Pennsylvania joining all Republicans in support of Warsh's confirmation.Warsh's four-year term as Fed chair will begin Friday. Powell has said he will remain a rank-and-file Fed board member for the time being.Earlier this year, the Justice Department's efforts to criminally investigate Powell rattled some Republicans in the Senate, who said they would withhold their support until the probe was dropped. Prosecutors abandoned their efforts in April, paving the way for Warsh's confirmation.Warsh was separately confirmed Tuesday to be a member of the Fed's seven-person Board of Governors for a term that ends in 2040. Kevin Warsh, President Trump's nominee to chair the Federal Reserve, testifies before the Senate Banking Committee on Tuesday, April 21, 2026. Graeme Sloan / Bloomberg via Getty Images Warsh previously served on the Federal Reserve Board of Governors from 2006 to 2011. He then worked as a fellow at Stanford University's Hoover Institution and a partner at billionaire Stanley Druckenmiller's personal investment office.The new chair has been critical of the Fed in recent years, calling for a "regime change" at the central bank and questioning its handling of the post-COVID inflation surge, its approach to regulating banks and the size of its balance sheet. Warsh also signaled support...