Powell Ends 8-Year Fed Tenure as Senate Confirms Warsh to Succeed Him
Updated
Updated · CNN · May 15
Powell Ends 8-Year Fed Tenure as Senate Confirms Warsh to Succeed Him
10 articles · Updated · CNN · May 15
Friday ends Jerome Powell’s 8-year run atop the Federal Reserve, with Kevin Warsh confirmed by the Senate to take over while Powell stays on the Board of Governors.
Two emergency meetings in March 2020 defined Powell’s crisis response: the Fed cut rates to near zero, launched lending programs and helped stabilize markets after unemployment hit 14.8% in April 2020.
Inflation became the central blemish on his record after the Fed initially called price pressures “transitory” and then delivered its most aggressive rate-hiking cycle since the 1980s starting in March 2022.
Trump’s pressure campaign also shaped Powell’s legacy, as the outgoing chair repeatedly defended the Fed’s independence while facing threats, a federal probe tied to renovation testimony and a Supreme Court fight over Fed authority.
Former colleagues told CNN Powell may rank among the most battle-tested Fed chairs in the institution’s 113-year history, with his tenure spanning the pandemic, a 40-year inflation peak and intense political attacks.
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Fed Leadership Shakeup 2026: Kevin Warsh Takes Helm as Chair, Powell Stays On, and Inflation Looms
Overview
In May 2026, Kevin Warsh was confirmed as the next Federal Reserve Chair, following President Donald Trump’s nomination and approval by the narrowly Republican Senate Banking Committee. Warsh, whose personal and family wealth far exceeds that of his predecessor Jerome Powell, becomes the richest Fed chair since at least 1948. His first FOMC meeting is set for June, marking the start of a new era for the central bank. Warsh’s leadership is expected to bring significant policy changes, while Powell’s unprecedented decision to remain on the Board of Governors adds a unique dynamic to the Fed’s future direction.