Kevin Warsh takes oath of office as chairman and a member of the Board of Governors of the Federal Reserve System, and the Federal Open Market Committee unanimously selects Warsh as its chairman

Kevin Warsh was sworn in as Chairman of the Federal Reserve on Friday, May 22, 2026, following his confirmation by the U.S. Senate [1]. The Federal Open Market Committee also unanimously selected him as its chairman [1]. President Donald J. Trump nominated Warsh on March 4, 2026 [1]. The Senate confirmed him as a member of the Board of Governors on May 12 and as its chairman on May 13 [1]. His term as chairman ends on May 21, 2030, while his term as a Board member extends to January 31, 2040 [1]. Warsh succeeds Jerome Powell, who served as the 16th chair of the Federal Reserve from 2018 to 2026 [2]. Powell’s tenure included navigating the economic impact of the COVID-19 pandemic and the 2021–2023 inflation surge [2]. Prior to Powell, Janet Yellen served as chair from 2014 to 2018 before becoming Treasury Secretary [3]. The FOMC, which Warsh now leads, is the principal organ of U.S. national monetary policy [4]. It is charged with overseeing the nation's open market operations and makes key decisions about interest rates and the growth of the U.S. money supply [4]. The committee meets every two months during the fiscal year to set monetary policy, typically by specifying a target for the federal funds rate [6]. The Federal Reserve System is implemented through twelve regional Federal Reserve Banks, which are jointly responsible for executing the monetary policy set by the FOMC [5]. The FOMC itself was formally established by the Banking Act of 1933 [4].