Overview
- Warsh, confirmed 54-45 on Wednesday after a 51-45 board vote Tuesday, begins a four-year term with his first policy meeting set for June 16–17.
- The Justice Department dropped its criminal probe into Jerome Powell in late April, lifting Sen. Thom Tillis’s hold and clearing a path for the final votes.
- Jerome Powell will remain a Fed governor through 2028, keeping a vote on the 12-member rate-setting committee in an unusual arrangement for a former chair.
- Inflation rose 3.8% in April as higher fuel costs tied to the Iran conflict strained households and complicated any case for rate cuts.
- Warsh pledged to act independently despite President Trump’s push for lower rates, promised to divest sensitive assets within 90 days, and signaled a ‘regime change’ in Fed communications and inflation metrics.