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Senate confirms Kevin Warsh as Fed chair as Trump’s economic vision comes into focus
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The Senate cleared Kevin Warsh on Wednesday to lead the Federal Reserve, ushering in a new era at the central bank under President Donald Trump’s nominee.
The Senate confirmed Warsh, 54–45, concluding a monthslong search that began last summer for a successor to Federal Reserve Chair Jerome Powell as his term neared its end. The vote was largely along party lines, with only Pennsylvania Democrat Sen. John Fetterman crossing over in support.
Earlier in the week, Warsh was confirmed to the Fed’s Board of Governors, a 14-year appointment and a required step before serving as chair. He previously served on the board as its youngest member at age 35 and now returns to lead the central bank at a pivotal moment.
FROM MORTGAGES TO CAR LOANS: HOW AFFORDABILITY RISES AND FALLS WITH THE FED
Though the Federal Reserve operates largely out of public view, its decisions shape borrowing costs, job growth and interest rates for millions of Americans, making Warsh’s confirmation a pivotal moment for how that influence will be wielded.
Warsh, a lawyer and financier, steps into the role at a particularly volatile time.
Kevin Warsh is a former Morgan Stanley banker who became the youngest member of the Fed’s Board of Governors in 2006. (Andrew Harnik/Getty Images)
The central bank is grappling with persistent inflation, the economic fallout from the war in Iran and a looming Supreme Court decision involving Fed Governor Lisa Cook, all while political pressure builds ahead of the midterm elections in November.
The 56-year-old multimillionaire has already signaled a clear break from the central bank’s current approach.
In testimony before lawmakers on April 21, Warsh pledged to keep monetary policy «strictly independent» and said he intended to keep the central bank «in its lane,» warning that the Fed had become too involved in social policy.
He has also taken aim at what he sees as a complacent central bank, warning that large institutions are prone to inertia and that clinging to the «status quo» in a fast-moving economy is not just outdated but dangerous.
WATCH: SEN WARREN UNLOADS ON TRUMP’S FED NOMINEE KEVIN WARSH IN EXPLOSIVE HEARING SHOWDOWN
Kevin Warsh, incoming chairman of the U.S. Federal Reserve, has called a government-issued digital currency a «bad policy choice.» (Graeme Sloan/Bloomberg via Getty Images)
At the same time, he has signaled openness to closer coordination with elected leaders and to work with the White House and Congress on non-monetary matters, an approach that could reshape how the Fed operates in Washington.
How that balance is struck could define not only Warsh’s tenure, but the future direction of the institution that plays a major role in the financial lives of millions of Americans.
Warsh will take the reins from Powell, whose eight-year tenure as Fed chair concludes Friday. Powell, widely considered the most crisis-tested Fed chair, is not leaving the central bank entirely.
Powell’s term on the Fed board runs through 2028, and he has indicated he plans to remain in place until all investigations into a renovation project at the Fed’s headquarters are complete.
POWELL WILL REMAIN AT THE FED FOR NOW, SETTING UP POTENTIAL CLASH WITH TRUMP
Powell, who holds one of the most influential posts in U.S. economic policymaking, has made clear he won’t step down until his term is up in May 2026. (Saul Loeb/AFP via Getty Images)
If Powell stepped aside entirely, it would have opened a seat for Trump to fill, giving him another opportunity to shape the Fed’s leadership. By staying on, Powell retains influence over U.S. monetary policy, potentially intensifying tensions with the president.
«I plan to keep a low profile as a governor. There is only ever one chair of the Federal Reserve Board. When Kevin Warsh is confirmed and sworn in, he will be that chair,» Powell told reporters at a news conference at the Federal Reserve on April 29.
Powell said that decision ultimately depends on the outcome of the investigation.
«I will not leave the board until this investigation is fully resolved with transparency and finality,» Powell said. «I’m encouraged by recent developments, and I am watching the remaining steps in this process carefully. My decisions on these matters will continue to be guided entirely by what I believe is in the best interest of the institution and the people we serve.»
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The Senate cleared Kevin Warsh on Wednesday to lead the Federal Reserve. (Al Drago/Bloomberg via Getty Images)
Powell’s tenure at the central bank dates back to 2017, when he was selected by Trump to succeed Janet Yellen. He was reappointed to a second four-year term by President Joe Biden in 2022, which expires on May 15.
The White House and Federal Reserve did not immediately respond to Fox News Digital’s request for comment.
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Hundreds of U.S. Marines storm ashore as helicopters thunder overhead, Navy warships and fighter jets establish overwhelming air and sea superiority, and commanders issue one final warning to Iranian forces: surrender or be overrun.
That is how military experts envision the opening hours of a potential U.S. operation to seize Iran’s Kharg Island—the tiny but strategically vital island that handles roughly 90% of the Islamic Republic’s crude oil exports and has become the centerpiece of Washington’s economic pressure campaign against Tehran.
The scenario was thrust back into the spotlight Tuesday after President Donald Trump declined to rule out taking the island. «I can’t say that to you because if I did, it would be foolish,» Trump told Fox News chief foreign correspondent Trey Yingst during an exclusive interview on ‘Special Report’ when asked directly whether he planned to seize Kharg island. He added that previous U.S. strikes intentionally avoided the island’s oil facilities because they are «a chunk of the world economy.»
TRUMP HAS 3 CHOICES TO DEFINE VICTORY IF HE WANTS TO BEAT IRAN. NONE OF THEM ARE EASY
Satellite view of Kharg Island, located in the Persian Gulf off the coast of Iran. (Gallo Images/Orbital Horizon/Copernicus Sentinel Data 2024)
«There are a lot of ways to skin this cat,» Vice Adm. (Ret.) Robert Harward, former deputy commander of U.S. Central Command, told Fox News Digital in an interview.
Harward explained a Marine Expeditionary Unit could conduct an amphibious assault while U.S. naval and air forces establish complete control over the battlespace, giving Iranian defenders an opportunity to surrender before major fighting begins. The goal, he said, would not simply be to capture the island but to preserve the oil infrastructure that could one day serve a post-Islamic Republic government.
«The real objective at the end of the day is to minimize risk,» said Harward. «Not only to your own forces, but to the people you’re coming in contact with,» while also limiting damage to facilities that could eventually be handed over to «a government of Iran that is focused on supporting its people, as opposed to proliferating the Islamic Revolution.»
Trump’s remarks echoed Harward’s assessment that preserving Kharg’s oil facilities would likely be a key military objective. Trump said he had instructed U.S. forces during previous strikes to «hit everything, but the oil,» explaining that damaging the export terminal could have significant consequences for the global economy.
HOW IRAN ATTACKS ARE FORCING THE PENTAGON TO RETHINK ITS DECADES-OLD MIDDLE EAST BASE STRATEGY
U.S. forces conduct a right-of-visit, maritime interdiction and boarding of the Veronica III without incident in the INDOPACOM area of responsibility after the vessel allegedly tried to defy President Trump’s quarantine, Feb. 15, 2026. (X/@DeptofWar)
But military experts say capturing Kharg may be the easiest part of the mission.
Located just 16 miles off Iran’s Gulf coast, the eight-square-mile island sits well within range of Iranian missiles, drones and shore-based anti-ship weapons. While analysts believe U.S. forces could likely seize the island within hours, holding it against sustained retaliation from the nearby mainland could require a far larger and longer military commitment—raising the risk of direct war with Iran itself.
Kharg’s strategic importance predates Iran’s modern oil industry. British forces briefly occupied the island during confrontations with Persia over Herat in 1838 and again during the Anglo-Persian War in 1856, using its location near the Iranian coast to apply pressure on Tehran. Nearly a century later, Iran selected Kharg as a deep-water oil terminal because its sheltered waters could accommodate large tankers. Construction began in the late 1950s, and the terminal entered service in 1960, transforming the island into the principal outlet for Iranian crude.
«Everybody talks about seizing Kharg,» Nicholas Carl, assistant director of the Critical Threats Project at the American Enterprise Institute, told Fox News Digital. «Iran has spent decades investing in denial capabilities designed specifically to keep U.S. forces away from its shores.» Those capabilities include anti-ship cruise missiles, drones, naval mines and hundreds of fast attack craft designed to overwhelm superior naval forces.
IRAN’S BIGGEST WEAPON AGAINST THE US MAY BE SLIPPING AWAY, EXPERTS SAY
A satellite image shows an oil terminal at Kharg Island, Iran, February 25, 2026. (2026 Planet Labs PBC/Handout via Reuters)
Military planners have long viewed Iran’s anti-access strategy as one of the most sophisticated in the Middle East. Rather than matching the U.S. Navy ship for ship, Tehran has invested heavily in asymmetric weapons intended to make any amphibious assault costly.
Harward, a former member of the National Security Council and current member of the Jewish Institute for National Security of America’s Iran Policy Project, acknowledged that once American forces were on Kharg, the primary danger would shift from conventional naval combat to missile and drone attacks launched from the nearby mainland.
«Iran doesn’t really have air power,» Harward said. «The concern is whether they launch missiles and drones at the island with U.S. forces on the ground. That’s the biggest risk.»
Harward said the viability of the operation would ultimately depend on intelligence about the number and disposition of Iranian forces, whether they had prepared booby traps or improvised explosive devices, and how Tehran might respond once American troops were ashore.
Still, he argued, such retaliation would come at a price for Tehran.
«If they start striking Kharg itself, they become accountable for damaging their own economic lifeline,» he said.
The challenge illustrates the distinction between tactical success and strategic success. Seizing an eight-square-mile island is one military problem. Defending it against sustained attacks only a short distance from Iranian territory is another.
A general view of the Port of Kharg Island Oil Terminal, 25 km from the Iranian coast in the Persian Gulf and 483 km northwest of the Strait of Hormuz, in Iran on March 12, 2017. (Fatemeh Bahrami/Anadolu Agency/Getty Images)
Harward suggested Washington still has several options short of launching an amphibious assault.
With the U.S.-led blockade, reinforced Tuesday, already constraining Iran’s oil exports, he argued that additional economic pressure could target overland transportation routes, border crossings and air traffic instead of committing ground troops.
«There is still a lot you could do to enhance the economic challenges to Iran,» Harward said. «Synchronizing military, economic and political pressure is really the strategy.»
Some strategists have also questioned whether Kharg is the most valuable military objective.
Mark Fox, a retired Vice Admiral and a former commander of the 5th Fleet, previously told Fox News Digital that Kharg is fundamentally an oil terminal rather than a military fortress. Instead, he argued, smaller islands such as Greater Tunb, Lesser Tunb and Abu Musa—disputed islands near the Strait of Hormuz—could present more manageable military objectives while creating a significant strategic dilemma for Tehran because of their location along one of the world’s most important shipping lanes.
For Harward, however, the larger question extends beyond any single island.
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Export oil pipelines are seen at an oil facility on Kharg Island, on the shore of the Gulf, Feb. 23, 2016. (Str/AFP Via Getty Images)
«I think the only real end state to ensure long-term stability and security in the region is a government of Iran that renounces the Islamic Revolution and focuses on the Iranian people,» he said. That would require ending Tehran’s nuclear ambitions, halting support for proxy groups, protecting freedom of navigation through the Strait of Hormuz and ending the regime’s domestic repression.
Whether Washington ever decides to seize Kharg, military planners agree on one point: Capturing Iran’s economic lifeline would likely be measured in hours, but successfully holding it—and managing the regional escalation that could follow — would be a far longer and more complex campaign.
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Trump AG pick Todd Blanche faces Senate test in first major confirmation fight since Graham’s death
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Attorney General nominee Todd Blanche will face senators Wednesday in a high-stakes confirmation hearing that will test Republican unity on the Senate Judiciary Committee in the first major nomination fight since the sudden death of Sen. Lindsey Graham.
«My colleagues and I are working to fill Senator Graham’s seat on the Senate Judiciary Committee before the Committee votes on Todd Blanche’s nomination next week,» Tennessee Republican Sen. Marsha Blackburn told Fox News Digital.
«I look forward to confirming Mr. Blanche as Attorney General so he can continue his great work to crack down on crime, eradicate the two tiers of justice, and wipe out fraud. That’s exactly what Lindsey would’ve wanted us to do to honor his legacy,» she added.
LINDSEY GRAHAM, SOUTH CAROLINA SENATOR WHO ROSE FROM SMALL-TOWN ROOTS TO GOP POWER BROKER, DIES AT 71
Todd Blanche, nominee for U.S. deputy attorney general, testifies before the Senate Judiciary Committee in Washington, D.C., on February 12. (Daniel Heuer/Bloomberg via Getty Images)
Republicans are navigating their first major nomination battle without Graham—a former Judiciary Committee chairman whose courtroom-style questioning and command of confirmation fights made him one of the GOP’s most influential voices.
Blanche has been a staunch ally of President Donald Trump, first serving as his personal defense attorney before helping lead his criminal defense against cases Trump and his allies denounced as politically motivated.
He was appointed by Trump as Deputy Attorney General when the president returned to office before being tapped to fill former Attorney General Pam Bondi’s shoes.
TRUMP’S AG NOMINEE RACKS UP MASSIVE SUPPORT AHEAD OF CONFIRMATION HEARING: ‘REAL RESULTS’
Senator Lindsey Graham, a Republican from South Carolina, speaks during a campaign event for former US President Donald Trump in Pickens, South Carolina, US, on Saturday, July 1, 2023. (Elijah Nouvelage/Bloomberg via Getty Images)
«When the Corrupt Biden ‘Injustice’ Department and Radical Left Prosecutors tried to throw me in jail, and interfered in our Historic 2024 Presidential Campaign, Todd stood by my side and fought off the Lawfare,» Trump posted in part on Truth Social Tuesday.
Twenty conservative leaders penned a letter to Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa, urging him to confirm Blanche, arguing that he has already proven he will «fight back.»
The letter, exclusively shared with Fox News Digital and spearheaded by the Article III Project, was signed by conservative legal figures including Article III Project founder Mike Davis, America First Legal Executive Director Gene Hamilton, John Eastman of the Claremont Institute, and others. The signers cited Blanche’s clerkships, his time as a federal prosecutor and his work in private practice.
«Blanche made a tremendous sacrifice, walking away from a massive salary as a partner at a premier law firm to defend President Trump when almost no one else would,» read the letter.
«He stood in the arena. Most importantly, he won. Blanche fought back against the most nakedly partisan prosecution in modern American history: Alvin Bragg’s absurd attempt to transform a lawful nondisclosure agreement into 34 felony counts,» it continued.
DEMOCRAT POLITICOS RERUN UNDERHANDED LEFTIST PLAYBOOK IN EFFORT TO TORPEDO TRUMP’S AG NOMINEE
Democrats have already signaled strong opposition to making Blanche’s acting appointment permanent, citing his close ties to Trump.
«He’s got a record. It’s not what he says. It’s what he’s done and what he’s consistently done is put Donald Trump above everything else. So his actions, this is a person who’s got a very clear record,» Vermont Sen. Peter Welch said Tuesday. «His actions speak much louder than whatever he says in the hearing.»
US President Donald Trump speaks alongside Deputy Attorney General Todd Blanche (L) during a news conference in the Brady Briefing Room of the White House on June 27, 2025. (ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)
«40+ civil rights organizations just came out against Todd Blanche. Todd Blanche is indicting civil rights champions, protecting insurrectionists, and firing prosecutors. All to protect Donald Trump—not YOU,» Senate Judiciary Democrats wrote on X.
«Acting AG Todd Blanche has spent this confirmation fight doing what he’s always done for his client Donald Trump: Denying the obvious, defending the indefensible, and lying under oath. He’s already made it clear that we can’t trust a word that comes out of his mouth,» said Senate Minority Leader Chuck Schumer, D-N.Y., said Monday.
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As for the conservative leaders who are urging Grassley to swiftly confirm Blanche, they say the «case for confirmation is simple.»
«Blanche already knows the job. He already knows the department. He is already executing the Trump agenda. Forcing a new nominee through the confirmation process would squander months of irreplaceable momentum–months the deep state would use to run out the clock. There is no reason to delay and every reason to act. The undersigned urge you to confirm Todd Blanche now,» they wrote.
The hearing begins Wednesday at 9:00 a.m. ET.
Fox News’ Caroline Miller contributed to this report.
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