Just one Democrat voted Wednesday to confirm Kevin Warsh as the next chair of the Federal Reserve, handing President Donald Trump complete control over U.S. monetary policy.
The final vote for Warsh was 54–45, mostly along party lines. Only Senator John Fetterman broke ranks and voted alongside Republicans to confirm Warsh.
Warsh is everything Trump wants in an appointee. He’s handsome and wealthy—the richest Fed chair ever, in fact—but most of all, he’s willing to do whatever the president wants.
During his confirmation hearings last month, Warsh assured lawmakers that he would “take [his] responsibility to be an independent leader of the Federal Reserve very seriously,” and claimed the president had never “asked [him] to predetermine, commit, fix, [or] decide on any interest rate decision in any of our discussions, nor would I ever agree to do so.”
But that was a lie. Trump confirmed to The Wall Street Journal in December that he’d pressed Warsh on whether he could trust him to support interest rate cuts if he were chosen to lead the central bank. When Senator Ruben Gallego cornered him on this point during the confirmation hearing, Warsh complained about journalistic standards.
It’s no secret that Trump has been desperate for the Fed to lower interest rates, in the hopes of boosting his party’s chances in the midterm elections. He has repeatedly attacked outgoing Chair Jerome Powell for refusing to cut rates. And Trump has no qualms demanding loyalty from those he installs, such as the conservative Supreme Court justices he won’t stop harassing.
The confirmation of Trump’s newest sycophant signals the destruction of the Fed’s independence.
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