The leadership of the United States Federal Reserve has changed hands as Kevin Warsh succeeds Jerome Powell.
Warsh was sworn in on Friday as Chair of the Federal Reserve Board of Governors, ending Jerome Powell’s tenure that began in 2018. His confirmation followed a closely contested Senate process, with voting largely divided along party lines. Only Senator John Fetterman of Pennsylvania broke ranks with Democrats to support his nomination.
The 56-year-old takes over at a time when debate over the independence of the US central bank has intensified amid growing political scrutiny. U.S. President Donald Trump welcomed the appointment but urged Warsh to operate independently in office.
“I want Kevin to be totally independent and do a great job. Don’t look at me and don’t look at anybody. Just do your own job”, Trump said.
During his confirmation hearing before the Senate Banking Committee, Warsh faced criticism from Democratic lawmakers, including Senator Elizabeth Warren, who accused him of being closely aligned with Trump’s political agenda.
She described him as a “sock puppet” for the president, an allegation Warsh rejected, insisting he would maintain independence in his monetary policy decisions.
Warsh said he is committed to safeguarding the Federal Reserve’s independence as he begins his tenure.
