The Senate voted 54-45 today to confirm Kevin Warsh as the next chairman of the Federal Reserve. The Senate confirmed his appointment to the Fed board on Tuesday.
Warsh was nominated by President Trump earlier this year to succeed Jerome Powell as Fed chairman. Powell’s term as chairman ends on Friday.
Earlier in his career, Warsh worked in the mergers and acquisitions department at Morgan Stanley before joining the administration of President George W. Bush, where he was special assistant to the president for economic policy and executive secretary at the National Economic Council. Bush nominated Warsh to serve on the Fed board in 2006. During his term, he served as the Fed’s representative to the G20 and as an emissary to the emerging and advanced economies in Asia.
In a statement, American Bankers Association President and CEO Rob Nichols congratulated Warsh on his confirmation. As chairman, Warsh will bring deep experience and a steady hand, informed by his prior service on the Fed board during an extraordinarily challenging economic period, he said.
“As someone who used to work alongside Chair Warsh, I have seen firsthand his strong understanding of monetary policy, financial markets and the essential role banks play in the economy,” said Nichols, referring to his past work in government. “We look forward to working with him to further strengthen our financial system and spur economic growth. We also thank outgoing Chair Powell for his two terms leading the Federal Reserve and for his years of public service.”
