The US Senate confirmed Kevin Warsh as chair of the Federal Reserve on Wednesday to replace Jerome Powell. The vote followed a separate confirmation Tuesday for his role as a Fed governor.
Lawmakers approved Warsh to a four-year term as chair and a 14-year term as governor. The confirmations passed largely along party lines. Warsh was President Donald Trump's choice for the position.
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The Federal Reserve left its benchmark interest rate unchanged at 3.50%-3.75% on Wednesday in the first policy decision under new Chair Kevin Warsh. Policymakers signaled a more hawkish stance by raising projections for rates and inflation through 2028. Bitcoin and major stock indexes slipped after the announcement.
Kevin Warsh was sworn in as chairman of the United States Federal Reserve on Friday morning in a White House ceremony. President Trump administered the oath, replacing Jerome Powell who continues as a governor. Warsh pledged reforms at the central bank amid shifting rate expectations.
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US stocks rose with the Dow hitting an intraday record while the S&P 500 extended its winning streak to eight weeks. Kevin Warsh was sworn in as the new Federal Reserve chair.
Cameron Hamilton, who was fired from his role as acting head of the Federal Emergency Management Agency last year, has now been nominated to run the agency on a permanent basis.
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U.S. Congress members returned to Washington this week after a two-week recess, facing a packed agenda including a high-profile Democrat's scandal, an ongoing war with Iran, expiring spy powers, and a prolonged Department of Homeland Security shutdown. Lawmakers must address calls to expel Representative Eric Swalwell, conduct show votes on the Iran conflict, renew FISA Section 702 authority, and resolve funding for the shuttered agency. These issues highlight tensions between parties and constitutional questions over executive actions.