Kevin Warsh Faces Senate Confirmation Hearing for Federal Reserve Chair as Powell Term Nears End

Trump's nominee Kevin Warsh appeared before the Senate Banking Committee on April 21 for his confirmation hearing to become Federal Reserve Chair, succeeding Jerome Powell whose term expires May 15, 2026. Senators questioned Warsh on Fed independence, inflation policy, and how he would handle the intersection of the Iran war oil price shock and persistent tariff-driven inflation. Warsh, a former Fed governor (2006–2011) and Morgan Stanley banker, has been a vocal critic of the Fed's post-2020 inflation response. The hearing became a focal point for debates about central bank independence, after Trump repeatedly pressured Powell to cut rates. Warsh signaled he would maintain institutional independence while noting the Fed needed to respond more 'nimbly' to supply-side shocks. Senate Democrats challenged his record of dissenting from emergency QE measures.