Senate confirms Trump pick Kevin Warsh as Fed chair

Kevin Warsh has been confirmed as the new chairman of the Federal Reserve with a Senate vote of 54-45. He begins his four-year term Friday, taking over from Jerome Powell, who will remain on the board. Warsh had previously served as a member of the Fed from 2006 to 2011 and is a critic of Powell's policies, advocating for "regime change" at the central bank.

During his confirmation hearing, Warsh emphasized the importance of monetary policy independence, stating, "Monetary policy independence is essential." His leadership arrives amid economic uncertainty influenced by international conflicts and rising inflation rates. Warsh has indicated a willingness to lower interest rates, aligning with President Trump's preferences.