Kevin M. Warsh
| Kevin M. Warsh | |
| |
| Occupation | Chairman |
|---|---|
| Employer | Federal Reserve System |
| Website | www.federalreserve.gov |
Kevin M. Warsh took office as chairman of the Board of Governors of the U.S. Federal Reserve System on May 22, 2026, for a four-year term ending on May 21, 2030.[1] He succeeded Jerome Powell. He previously served as a member of the Board of Governors of the Fed from 2006 to 2011. He played important behind-the-scenes roles in Washington’s rescue of Wall Street during the 2008 global financial crisis, working closely with then-Chair Ben Bernanke to combat the crisis and the Great Recession.[2]
Warsh was nominated for the role of Fed chair by President Donald Trump. Warsh beat out finalists including Kevin Hassett, the director of the White House National Economic Council; Christopher Waller, a sitting governor; and BlackRock executive Rick Rieder. Warsh was previously a runner-up for the post of Fed chair in 2017, when Trump chose Powell to lead the central bank.
On April 24, 2026, the Justice Department said it would end its criminal investigation of Jerome Powell, in an attempt to clear the obstacle that had delayed Kevin Warsh’s confirmation as his successor. A federal judge had already ruled that the grand jury subpoenas served on the Fed in January were improper and found “essentially zero evidence” of criminal wrongdoing.[3]
In the years since leaving the Fed, Warsh has frequently criticized both the institution and Jerome Powell. Warsh gained a reputation for being an inflation “hawk” during and after leaving the Fed because he spent years warning that easy monetary policy would lead to rising prices. More recently, he said the Fed should cut rates faster. [4]
Background[edit]
At 35, Warsh became the youngest governor on the Fed's seven member board. Before his appointment to the Fed's Board, he served as special assistant to the President for economic policy and as executive secretary of the National Economic Council in George W. Bush's administration from 2002 until February 2006.[5]
Warsh advised President Bush and senior administration officials on issues related to the U.S. economy, particularly fund flows in the capital markets, securities, banking, and insurance issues. He also participated in the President’s Working Group on Financial Markets and served as the administration’s chief liaison to the independent financial regulatory agencies.
He has also worked as a visiting economics fellow at the Hoover Institution, a conservative think tank located at Stanford University, and he is a lecturer at the Stanford Graduate School of Business and a partner at the Duquesne Family Office, which manages the wealth of Stanley Druckenmiller.
From 1995 to 2002, Warsh was a member of the mergers & acquisitions department of Morgan Stanley & Co., in New York, ultimately serving as vice president and executive director.
Warsh was born in April 1970 in Albany, New York.
Education[edit]
Warsh received an A.B. in public policy (with honors) from Stanford University in 1992 with significant course work in economics and statistics. Warsh went on to study law, economics, and regulatory policy at Harvard Law School and received a J.D. (cum laude) in 1995. He also completed course work in market economics and debt capital markets at Harvard Business School and MIT’s Sloan School of Management.[6]
References[edit]
- ↑ Kevin Warsh, Chairman. Board of Governors of the Federal Reserve System.
- ↑ Who is Fed chair nominee Kevin Warsh?. AP via Yahoo Finance.
- ↑ Justice Department Will End Probe of Jerome Powell, Opening Path for Kevin Warsh. The Wall Street Journal.
- ↑ Trump Picks Kevin Warsh as Fed Chair. The Wall Street Journal.
- ↑ Who is Fed chair nominee Kevin Warsh?. AP via Yahoo Finance.
- ↑ Board of Governors of the Federal Reserve System. Federal Reserve.