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Central BanksMediumUpdated•Originally published 29 April 2026•Updated 29 April 2026•
1 min read

Senate Committee Approves Warsh for Fed Chair; Powell to Remain as Governor

Key Facts

1The Senate Banking Committee approved Kevin Warsh's nomination to lead the Federal Reserve in a 13-11 party-line vote.
2Jerome Powell stated that he will continue to serve as a member of the Board of Governors after his chairmanship ends.
3Powell warned that the central bank's independence was 'at risk,' citing lingering legal threats.

The Senate Banking Committee has approved Kevin Warsh's nomination for Fed Chair, while Jerome Powell announced he will remain on the Board of Governors to safeguard central bank independence. In a poignant moment, Powell held his final press conference, bidding farewell to the FOMC press corps and emphasizing institutional stability. This leadership transition coincides with reports of astounding AI-fueled earnings and growth among the 'Magnificent Seven' tech giants. Analysts suggest that Powell’s continued presence may serve as a counterweight to Warsh’s hawkish leanings, especially as tech sector strength bolsters market sentiment. The financial markets remain focused on the full Senate confirmation process while digesting the robust corporate performance driven by AI innovation.