President Trump’s man, Kevin Warsh, is in as the new chairman of the Federal Reserve, Jerome Powell is out. The transition happened officially on Friday, May 15, 2026. Warsh was easily confirmed by the Senate first as a Fed Governor and then as the new Federal Reserve chair.
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President Donald Trump scored a major win Tuesday after the Senate confirmed Kevin Warsh to the Federal Reserve Board of Governors, clearing the way for the former central banker to potentially become the next face of the Fed.
The Senate voted 51-45 to confirm Warsh to a 14-year term on the Fed’s seven-member board, putting one of Trump’s preferred economic voices in position ahead of a separate vote later this week on whether he will officially replace outgoing Fed Chair Jerome Powell.
The confirmation marks a pivotal moment in Trump’s long-running battle with Powell over interest rates and monetary policy. Trump has repeatedly blasted Powell for refusing to slash rates more aggressively, once calling him a “moron” and a “stubborn mule” as the White House pushed for looser policy to stimulate growth.
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The Trump administration is gearing up for significant economic shifts, with its proposed tariffs said to be setting the stage for a potential overhaul of the Federal Reserve’s (Fed) leadership.
Like Gary Gensler’s ouster at the SEC (Securities and Exchange Commission), reports indicate that Fed chair Jerome Powell may face a similar fate with discussions starting long before his term ends.
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