The U.S. Senate confirmation hearing for Kevin Warsh, nominee for the next chair of the Federal Reserve, is set for May 16. However, with significant opposition emerging even within the Republican Party over President Donald Trump's overt interference with the Fed, observers expect the final confirmation to take time.
CNBC reported Sunday, citing a person familiar with the matter, that the Senate Banking Committee will hold a confirmation hearing for Warsh on May 16. The hearing comes approximately three months after Trump nominated Warsh as the next Fed chair on January 30.
Confirmation of a Fed chair nominee must pass through a Banking Committee hearing before proceeding to a full Senate floor vote. The committee currently consists of 24 members — 13 Republicans and 11 Democrats. If all Democrats vote against the nomination and even one Republican defects, the nomination cannot clear the committee.
The stance of Sen. Tom Tillis (R-N.C.), a Banking Committee member, is a key variable. Tillis issued a statement on January 11 — after Fed Chair Jerome Powell revealed he had been threatened with a grand jury subpoena and criminal prosecution by the Department of Justice — saying, "It has become clear that the Trump administration's attempts to undermine the independence of the Federal Reserve are real." He added, "I will oppose confirmation of all Fed nominees, including the chair, until this matter is fully resolved." Shortly after Warsh's nomination, Tillis reiterated on X (formerly Twitter) that he would "oppose confirmation of all Fed nominees, including the chair, until the DOJ's investigation of Chair Powell is resolved with full transparency." Tillis has announced he will not run in the November midterm elections, meaning he has no need to appease the MAGA faction.
With Tillis and other Republican figures maintaining their opposition to Warsh's confirmation, the possibility of a delayed Senate vote has been raised. U.S. Treasury Secretary Scott Bessent said in a Fox Business interview on April 19 that "the nominee has been visiting Capitol Hill and meeting with senators, and a hearing will be held," but acknowledged that "the vote will be delayed."
Federal prosecutors are currently investigating allegations that Powell committed perjury before Congress last June regarding cost overruns in the renovation of the Fed's headquarters. A federal court in Washington, D.C., invalidated the prosecutors' grand jury subpoena for Powell on April 11, but prosecutors have appealed.
Powell said at a press conference following the Federal Open Market Committee (FOMC) regular meeting on April 18 that if Warsh is not confirmed by the Senate in time, he would serve as interim chair as stipulated by the Federal Reserve Act. Powell also signaled his intention to retain his seat on the Board of Governors after stepping down as chair, as long as the DOJ investigation continues. Powell's term as chair expires on May 15, while his term as a governor runs until January 31, 2028.
If Powell relinquishes both the chair and his governor seat simultaneously, Warsh could succeed him in both positions. However, if Powell steps down only as chair while retaining his governor seat, Warsh would need to take the seat currently held by Governor Stephen Miran, who is seen as aligned with the White House.