The United States Senate has confirmed Kevin Warsh as the 17th chair of the Federal Reserve in a 54 to 45 vote, marking the most partisan confirmation of a central bank leader in American history. Senator John Fetterman of Pennsylvania was the only Democrat to support the nomination. Warsh succeeds Jerome Powell at a time of mounting economic and geopolitical instability.

Warsh assumes leadership as the United States faces renewed inflationary pressures linked to the ongoing war involving the United States, Israel, and Iran. The Consumer Price Index reached a three year high in April, with energy prices rising faster than wages nationwide.

A longtime critic of large scale asset purchases known as quantitative easing, Warsh has argued that such policies risk undermining the independence of the Federal Reserve by indirectly financing government spending. He has called for a renewed focus on traditional interest rate policy to address inflation and unemployment.