Kevin Warsh has a message for the president who appointed him: stay in your lane. The newly confirmed Federal Reserve Chair told Congress on July 14 that the central bank’s independence isn’t negotiable, even when the person applying pressure happens to be the one who put you in the job.
Warsh went further, saying he would stay silent if Trump tried to influence Fed policy.
A confirmation battle and an immediate test
The Senate confirmed Warsh as Fed Chair on May 13 with a 54-45 vote. He was sworn in around May 22, succeeding Jerome Powell, who stayed on as a Fed governor.
At his first FOMC meeting on June 16-17, the committee voted to hold interest rates steady. Inflation was running above 4% at the time, well above the Fed’s 2% target.
