Senate Federal Reserve

Kevin Warsh testifies during his nomination hearing to be a member and chairman of the Federal Reserve Board of Governors before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill, in Washington Tuesday, April 21, 2026.

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Kevin Warsh is one step closer to top job at the Fed after Trump's pick approved by Senate committee

Kevin Warsh is one step closer to top job at the Fed after Trump's pick approved by Senate committee

The Senate Banking Committee voted on party lines to approve Kevin Warsh as the next chair of the Federal Reserve, to replace Jerome Powell, a longtime target of President Donald Trump’s insults for not cutting borrowing costs as far as the president wanted. Warsh is a former top Fed official but has also been a sharp critic of the institution and Powell’s leadership. A vote on his nomination probably won’t take place until next month, but he could be confirmed by the time Powell’s term as chair ends May 15.