Kevin Warsh has been running the Federal Reserve for roughly five weeks. He’s already staring down a Supreme Court decision that could reshape the boundaries of presidential power over the central bank, and an international stage appearance where every word will be dissected for policy signals.
The new Fed chair, who was sworn in on May 22, 2026, after succeeding Jerome Powell, now faces a convergence of events starting June 29 that will do more to define his chairmanship than any press conference or rate decision could. A Supreme Court ruling on President Trump’s attempt to fire Fed Governor Lisa Cook is expected that same day, coinciding with the start of the ECB Forum on Central Banking in Sintra, Portugal, where Warsh will make his first international appearance as chair.
The independence question
Trump’s controversial move to dismiss Cook, a sitting Fed governor, triggered a legal battle that has wound its way to the highest court. The anticipated ruling on June 29 will either reinforce or erode the longstanding norm that Fed governors serve their full terms without political interference.
Warsh was nominated by Trump on March 4, 2026, and confirmed by the Senate on May 13 with a 54-45 vote. Any ruling that expands presidential authority to remove Fed governors would immediately cast a shadow over Warsh’s own independence, regardless of his actual policy intentions.
