President Donald Trump WINS By Just 2 Votes After Last-Minute Drama - Livid Democrats Rage After Trump's Fed Chair Pick Mov...
WASHINGTON, D.C. — April 28, 2026
The Senate Banking Committee voted along party lines Wednesday to advance Kevin Warsh as the nominee to serve as the next chair of the Federal Reserve, setting the stage for a full Senate confirmation vote expected in the coming weeks.
The committee approved the nomination by a 13-11 margin, with all Republican members supporting Warsh and all Democrats opposing the move. Warsh, a former Fed governor, has been a vocal critic of the central bank’s recent policies, particularly those under current Chair Jerome Powell. He has described the inflation surge to 9.1 percent in 2022 as the central bank’s most significant policy error in four decades.
If confirmed by the full Senate, Warsh would replace Powell, whose term as chair expires on May 15. Powell has indicated he intends to remain on the Federal Reserve Board of Governors after his chairmanship ends, a step that would prevent President Donald Trump from immediately appointing a replacement member to the board.
Treasury Secretary Scott Bessent criticized Powell’s decision to stay on the board, calling it a departure from tradition. “It is unusual for soon-to-be-former Fed Chair Jay Powell to stay on at the Federal Reserve. For someone who speaks so often of norms, his unilateral decision to stay flies in the face of tradition,” Bessent said. He added that Warsh would bring “accountability, management, and sound policymaking” to the institution.
Sen. Tim Scott (R-SC), chairman of the Banking Committee, praised Warsh as “battle tested” and emphasized the importance of breaking what he called the lingering effects of previous economic policies. The committee vote occurred on the same day the Federal Reserve decided to hold interest rates steady at 3.6 percent, once again declining to lower rates as President Trump has publicly advocated.
Separately, a federal judge last month blocked the Justice Department from issuing grand jury subpoenas targeting the Federal Reserve Board. U.S. District Judge James Boasberg ruled that the subpoenas appeared to serve an improper purpose related to pressuring Powell. The investigation, opened by U.S. Attorney for Washington, D.C., Jeanine Pirro, focused on Powell’s June 2025 testimony before the Senate Banking Committee regarding the Federal Reserve’s headquarters renovation project. Powell described the inquiry as an attack on the central bank’s independence. The Justice Department has appealed the ruling.
The developments highlight ongoing tensions between the executive branch and the Federal Reserve over monetary policy and institutional independence. Warsh’s nomination is seen by supporters as an opportunity to bring fresh perspective and greater accountability to the central bank. Critics argue that any attempt to influence the Fed’s decisions could undermine its independence.
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The full Senate is expected to take up the nomination next month. If confirmed before Powell’s term ends, Warsh would assume the chairmanship and lead the rate-setting Federal Open Market Committee. The outcome could have significant implications for interest rate policy, inflation control, and broader economic conditions heading into the 2026 midterm elections.
Both parties continue to watch the confirmation process closely, as the Federal Reserve’s decisions play a central role in shaping economic growth, borrowing costs, and financial markets.
