The Senate on Tuesday confirmed Kevin Warsh to a 14-year term as Federal Reserve governor, marking a crucial step toward replacing Jerome Powell as chief of the central bank.
The Senate voted 51-45 to confirm Warsh as one of the Fed's seven governors, with Sen. John Fetterman (D-Penn.) being the only Democrat to vote with the Republican majority.
The upper chamber also voted to invoke cloture, which ends debate and clears the way for a final confirmation vote for Warsh to lead the Fed for a four-year term.
That vote is expected as soon as Wednesday.
Warsh is on course to lead the central bank at a time when its political independence is being tested by pressure to deliver the interest-rate cuts demanded by President Donald Trump.
At last month’s Senate Banking Committee hearing, Warsh said he never promised Trump that he would cut interest rates and pledged to be “an independent actor” if confirmed as chair.
Trump said he would be “disappointed” if Kevin Warsh doesn’t cut interest rates right away.
In August 2025, Trump attempted to fire Fed Governor Lisa Cook for alleged mortgage fraud, a case that is now before the Supreme Court.
Trump also supported the DOJ’s probe into Powell’s management of a billion-dollar building renovation, which a federal judge ruled was a pretext to pressure Powell to cut rates or resign. The DOJ dropped its investigation, but its lead prosecutor in Washington says it could be reopened.
Powell’s term as chair ends on May 15.
The outgoing Fed chief plans to take the unusual step of staying on as governor after his term as chair ends, in response to the "series of legal attacks on the Fed which threaten our ability to conduct monetary policy without considering political factors."
Warsh in 2006 became the youngest governor to be appointed to the Fed’s board at 35 years old. He previously served as an investment banker and an economic aide in former President George W. Bush’s administration. In 2017, Warsh was previously a runner-up to lead the central bank, but Trump instead chose Powell to serve in the role, later saying he was given bad advice about him.
The Fed's next meeting, likely its first chaired by Warsh, is scheduled for June 16-17.