Senate confirmed Kevin Warsh, 56‑year‑old lawyer and financier, as Federal Reserve Chair, succeeding Jerome Powell whose term ends Friday.
Powell will stay on the Fed Board of Governors while Stephen Miran vacates his seat to make room for Warsh.
Warsh pledged to shrink the Fed’s $6.7 trillion balance sheet, labeling its bond holdings "fiscal policy in disguise."
Democrats worry Warsh may lack independence, especially after DOJ closed a criminal inquiry into Powell over Fed building‑renovation cost overruns.