Senate Banking chair says Warsh could be Fed chair in 'next few weeks'

The Federal Reserve may be a few steps closer to getting a new chair, as the Senate Banking Committee plans to hold a confirmation hearing for Kevin Warsh next week. 

Sen. Tim Scott, R-South Carolina, who chairs the committee, said Warsh is likely to assume the role “in the next few weeks.” Scott’s comments come even as his colleague on the committee, Sen. Thom Tillis, R-North Carolina, has vowed to stall any confirmations to the Fed until the Department of Justice concludes its ongoing investigation into Jerome Powell, the central bank's current chair.

“I’m very confident that the DOJ will wrap this up very soon, and we will have Kevin Warsh in office in the next few weeks,” Scott said in an April 14 interview with Fox Business.

He said Warsh will join members of Congress for a hearing next week to discuss the economy, price stability, inflation, and Federal Reserve independence, and added that the committee will vote to confirm Warsh "later on.”

Previous plans to hold Warsh’s hearing this week were put on hold due to paperwork delays. Warsh has since submitted his required financial disclosures to the Senate. They reveal he is far wealthier than recent Fed chairs, with assets valued well over $100 million, plus additional wealth tied to his wife, Jane Lauder, whose net worth Forbes estimates at $1.9 billion.

By comparison, Powell's financial disclosures from 2025 showed his assets valued at up to $75 million. Forbes estimated in 2021 that former Fed Chair Janet Yellen had a net worth of about $20 million.

The clock is ticking on Warsh’s confirmation as Powell’s term as chair is set to end May 15. Powell has said he plans to continue serving in the role on a temporary basis if the Senate does not confirm a new chair by then. 

“That is what the law calls for,” Powell told reporters March 18. “That’s what we’ve done on several occasions, including involving me, and it’s what we’re going to do in this situation.”

Warsh, President Donald Trump's nominee to lead the central bank, served on the Fed's Board of Governors from 2006 to 2011. If confirmed, he would return as Fed chair at a moment when Trump has repeatedly pressured the Federal Open Market Committee to lower interest rates and clashed with Powell over monetary policy.

"No, but we talk about it," Trump said in January when asked by a reporter whether Warsh committed to lowering rates as Fed chair. "I don't want to ask him that question. I think it's inappropriate. Probably would be allowed, but I want to keep it nice and pure. But he certainly wants to cut rates. I've been watching him for a long time."

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