Powell Out, Warsh In. Is the Fed Still Independent?
Victor Chen
The News
On April 21, 2026, Kevin Warsh testified before the Senate Banking Committee in his confirmation hearing to become the 17th chair of the Federal Reserve, succeeding Jerome Powell, whose term ends May 15. The hearing was combative. Senators pressed Warsh repeatedly on whether he would cut rates under pressure from President Trump, with one asking directly whether he would be the president's "human sock puppet." Warsh rejected the framing and vowed to act independently if confirmed. The committee advanced his nomination on April 29 in a 13–11 party-line vote, the first fully partisan committee vote on a Fed chair nominee in its history.
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