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Apr 25, 2026

President Donald Trump WINS By Just 2 Votes After Last-Minute Drama - Livid Democrats Rage After Trump's Fed Chair Pick Move...

WASHINGTON, D.C. — May 4, 2026

The Senate Banking Committee voted along party lines Wednesday to approve Kevin Warsh as the next chair of the Federal Reserve, positioning him to replace current chair Jerome Powell. The vote was 13-11, with all Republican senators supporting the nomination and Democrats voting against it.

Warsh previously served as a top Fed official but has also sharply criticized the institution and Jerome Powell’s leadership. He has argued that the inflation surge to 9.1% in 2022 marked the central bank’s biggest policy mistake in four decades.

A full Senate vote is not expected until next month, though he could be confirmed before Powell’s term as chair ends May 15, the Associated Press reported.

The committee vote was the first of two major developments involving the Fed’s leadership this week. Also Wednesday, Jerome Powell was set to preside over what could be his final meeting of the Fed’s rate-setting committee as chair. During an afternoon news conference, Powell signaled he would take the virtually unprecedented step of remaining on the central bank’s Board of Governors after his term expires.

By staying on the Board, Powell deprives the incoming administration of the opportunity to name a new member. Treasury Secretary Scott Bessent criticized Powell’s decision in an interview with Fox Business host and former first-term Trump economist Larry Kudlow.

“It is unusual for soon-to-be-former Fed Chair Jay Powell to stay on at the @federalreserve. For someone who speaks so often of norms, his unilateral decision to stay flies in the face of tradition,” Bessent posted on the X platform along with a video clip of his interview.

“Kevin Warsh will bring about a new day at the Fed, with accountability, management, and sound policymaking in the lead,” he added.

Sen. Tim Scott, a South Carolina Republican and chair of the Banking Committee, praised Warsh as “battle tested” and added that “It is incredibly important that we break the bind of Bidenomics on households across this nation.”

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