Kevin Warsh Confirmed as New US Federal Reserve Chair
Jerome Powell is now the temporary chair of the US Federal Reserve. He will stay in that role until Kevin Warsh is sworn in.
The Senate confirmed Warsh on May 13 by a vote of 54 to 45. Warsh is expected to be sworn in very soon.
Powell's term as chair expires May 15. Powell will stay on the Federal Reserve's board until 2028.
This breaks from the usual tradition. Warsh's first major meeting as chair is set for June 16 to 17. But some of Trump's other Federal Reserve picks have spoken out against Powell staying on as temporary chair.
Klear Note — The Federal Reserve controls US interest rates and money supply. The chair leads the Fed and influences the economy. This is one of the most powerful economic jobs in America.
Key Terms 4
- Federal Reserve The US central bank that controls interest rates and money supply
- chair pro tempore A temporary leader who fills a role until a permanent one starts
- Senate confirmed The US Senate voted to approve Warsh for the job
- FOMC meeting Key meeting where Federal Reserve leaders decide on interest rates