US Senate confirmed Kevin Warsh, 56, as Federal Reserve Chair, succeeding Jerome Powell whose term ends Friday.
Powell will stay on the Fed Board while Stephen Miran vacates his seat to accommodate Warsh.
Warsh pledged to shrink the Fed’s $6.7 trillion balance sheet, labeling bond holdings “fiscal policy in disguise.”
Senators raised concerns over Warsh’s independence amid rising inflation and debates on possible rate hikes.