The Senate has confirmed Kevin Warsh as a Federal Reserve Governor on the Federal Reserve Board. The next step is to nominate and vote on him as the next Fed chair ahead of the May 15 deadline. The vote is to take place either tomorrow or on Thursday.
Current Fed chair Powell, will then be replaced but Powell’s term as a Board member runs until January 31, 2028. He has indicated that he will remain on the board until that time that he is cleared of investigations by the Trump administration.
The Federal Reserve System has several layers of leadership:
- Federal Reserve Board of Governors: 7 members
- Based in Washington, D.C.
- Each governor is appointed by the President and confirmed by the Senate
- Governors serve staggered 14-year terms
- Federal Reserve District Bank Presidents: 12 presidents
- One for each regional Federal Reserve Bank (New York, Chicago, San Francisco, etc.)
- FOMC (Federal Open Market Committee) voting members: 12 voting members total
- The 7 Board Governors
- The president of the Federal Reserve Bank of New York (permanent voting member)
- 4 of the remaining 11 district bank presidents, who rotate voting rights annually
Even when not voting in a given year, all 12 regional Fed presidents still participate in FOMC meetings and policy discussions.
