Senate Confirms Kevin Warsh as Fed Governor 51-45 — Chair Vote Expected Wednesday

The Senate confirmed Kevin Warsh to a 14-year term on the Federal Reserve's Board of Governors on Tuesday, according to CNBC and CBS News. The chair vote — which would put him in Powell's seat — is expected Wednesday.

Powell's term as chair ends Friday. The timing is tight by design.

One Democrat Said Yes

The vote was almost entirely along party lines. Senator John Fetterman (D-PA) was the lone Democrat to cross over and support Warsh, according to CNBC. Every other Democrat voted no.

This is not a bipartisan embrace of Warsh — it's a partisan installation. Whether that matters depends on whether Warsh governs the Fed like a Trump loyalist or an independent central banker.

What Happened to Stephen Miran

Warsh's confirmation ends Stephen Miran's brief run on the Fed board, according to CBS News. Miran was a Trump adviser who took a leave of absence from the White House Council of Economic Advisers — which he chaired — to fill the seat vacated by Adriana Kugler, who resigned in August 2025.

Miran's term technically expired in January. He stayed on until Warsh was confirmed.

During his short tenure, Miran dissented from every single Fed rate decision, according to CBS News. When the Fed held rates steady, he called for cuts. When the Fed cut rates, he said they should have cut more.

Miran served as a White House surrogate with a voting seat at the central bank.

Who Is Warsh, Really

Warsh, 56, is a Stanford and Harvard Law alum. He served on the Fed board from 2006 to 2011, including through the 2008 financial crisis. Since leaving, he's been a fellow at the Hoover Institution and an adviser to billionaire investor Stanley Druckenmiller, according to CBS News.

His net worth exceeds $100 million. He is married to Jane Lauder, granddaughter of Estée Lauder.

Warsh is a well-connected financial insider who knows exactly how the Fed works.

The Rate Problem

Inflation is running at its highest level in nearly three years, driven by Trump's tariffs and the ongoing war with Iran, according to CNBC. At the same time, the labor market has stayed relatively stable — low hiring, low firing, unemployment in check.

Warsh has publicly called for "regime change" at the Fed and signaled he thinks rates can come down. Trump has been publicly critical of Fed Chair Powell, calling him a "moron" and a "stubborn mule" for not cutting, according to CBS News.

Markets are currently pricing in elevated odds of a rate HIKE, not a cut, according to CNBC. The Fed's rate-setting committee, the FOMC, meets June 16-17.

Warsh is inheriting a situation where his boss wants rates cut, markets think rates may need to go up, and inflation is rising.

In his previous stint at the Fed, Warsh was known as a hawk — inflation-focused, wary of loose money, according to CBS News. If he sticks to that instinct, he'll be in direct conflict with Trump immediately. If he cuts rates into rising inflation, he could undermine the Fed's credibility.

Powell Isn't Fully Gone

Powell's chair term ends Friday, but his governor term doesn't end until 2028, according to CNBC. Powell has said he intends to stay on the board until an independent probe into a Fed headquarters renovation project is completed.

Powell will still be in the room. Not running it — but in it.

The incoming chair and his predecessor will be sitting on the same board.

What's at Stake

Warsh is one vote away from running the most powerful central bank on Earth. He's walking into rising inflation, a skeptical market, a president demanding rate cuts, and a predecessor who'll still be in the boardroom.

The chair vote is Wednesday."