The U.S. Senate voted to confirm Kevin Warsh as the new chair of the Federal Reserve amid soaring inflation pressures, rising energy prices, and political tensions within the Fed.
On 14 May 2026 GMT+7, the U.S. Senate officially confirmed Kevin Warsh, nominated by President Donald Trump, as the new chair of the Federal Reserve. This marks a leadership change at the world's most influential financial institution during a time of severe global economic volatility.
Reports indicate that the vote largely followed political divides. Previously, Warsh's confirmation faced obstacles when a Republican senator from North Carolina vowed to block the appointment until the Department of Justice completed its investigation into current Fed Chair Jerome Powell. However, after the investigation concluded in April, Warsh’s path to confirmation reopened.
Warsh, 56, a former senior Fed official, is set to take office during one of the most challenging periods for the Federal Reserve. Inflation has remained above the Fed’s 2% target for five consecutive years and has recently accelerated due to soaring oil and energy prices amid the Middle East conflict. Meanwhile, the Fed’s monetary policy committee is experiencing intense internal divisions, recording the highest number of dissenting votes on interest rate decisions in over 30 years last month.