Senate Confirms Kevin Warsh to Fed Board; Markets Back Chair Bid

The Senate confirmed Kevin Warsh to the Federal Reserve Board by a 51-45 vote. He will join the Fed’s Board of Governors ahead of a separate Senate vote on his nomination to serve as chair.

Warsh previously served on the Fed’s Board of Governors from 2006 to 2011. President Donald Trump nominated him to succeed Jerome Powell. Powell’s current term as Fed Chair expires on May 15, 2026.

Prediction markets moved after the Board vote. The market price for Warsh being confirmed as Fed Chair by May 15, 2026 rose to 99.2%, up from 98% a day earlier. A separate market places the probability that Powell will be removed as Fed Chair by May 14, 2026 at about 0.7%. Other date-linked contracts show differing odds.

The Board confirmation followed public attention and market scrutiny related to a criminal investigation involving Powell. The Board confirmation is a procedural prerequisite for a final Senate vote on the chair nomination.

The next formal step is a Senate vote to confirm Warsh as Fed Chair before Powell’s term ends. Senate leaders and the White House have not announced a date for that vote. Any new legal developments involving Powell could affect the timing and market pricing for the chair confirmation.

Warsh’s prior Fed experience and ties to the administration were central to debate during the confirmation process. The narrow 51-45 vote reflected partisan disagreement over the nomination.