Senate Confirms Kevin Warsh as Fed Chair After Fetterman Breaks Ranks With Democrats

U.S. Treasury Secretary Scott Bessent said Sen. John Fetterman, D-Pa., put the nation ahead of partisanship Wednesday by voting with Senate Republicans to confirm President Donald Trump's nominee Kevin Warsh as chair of the Federal Reserve Board of Governors.

The vote passed 54-45. Fetterman was the only Democrat to support confirmation; all other Democrats opposed it.

"Today SenateGOP, along with the Democrat who put country before political ideology, confirmed POTUS's nominee Kevin Warsh as the next Chairman of the Federal Reserve," Bessent wrote in a post on X.

Bessent added that Warsh "will usher in a new day at an institution that is in need of accountability, sound policy guidance, and the renewed sense of purpose to help guide our economy. His chairmanship opens the door and lays the groundwork for every American family to build and grow in the world's greatest economy."

Fetterman issued a statement saying, "I've met Kevin Warsh and believe he will be transparent and responsive to Congress and the public. His promise to maintain Fed independence in setting interest rates is crucial and I look forward to working with him."

He also said, "I also maintain we owe an enormous debt of gratitude to Chair Powell. Through multiple administrations and a global pandemic, our economy has been the envy of the world under his steady hand. He never broke the law, has done a remarkable job, and I’m profoundly grateful for his service as Chair. I encourage him to stay on the Fed Board as long as he wants."

Trump nominated Powell as Fed chair during his first presidential term. President Joe Biden later reappointed Powell for a second term.

Trump has criticized Powell sharply in recent months.

Powell said last month, "After my term as Chair ends on May 15, I will continue to serve as a governor for a period of time to be determined. I plan to keep a low profile as a governor. There is only ever one Chair of the Federal Reserve Board. When Kevin Warsh is confirmed and sworn in, he will be that Chair."