How much sway will new Fed Chair Kevin Warsh really have over interest rates?
Kevin Warsh has been sworn in as the new chair of the Federal Reserve, but his influence over interest rates may be limited. While he has pledged to act independently, President Trump has expressed a desire for aggressive rate cuts. The Federal Open Market Committee, which sets interest rates, consists of multiple members, and Warsh will need to build consensus among them.
- ▪Kevin Warsh was confirmed as the new Fed chair after being nominated by President Trump.
- ▪Warsh has stated he will not base policy decisions on Trump's views, despite the president's push for lower interest rates.
- ▪The Federal Open Market Committee, which Warsh is part of, has 12 members, and he only has one vote in setting interest rates.
Opening excerpt (first ~120 words) tap to expand
Politics How much sway will newly sworn-in Fed Chair Kevin Warsh really have over interest rates? By Joe Walsh Joe Walsh Senior Editor, Politics Joe Walsh is a senior editor for digital politics at CBS News. Joe previously covered breaking news for Forbes and local news in Boston. Read Full Bio Joe Walsh Updated on: May 22, 2026 / 12:59 PM EDT / CBS News Add CBS News on Google Washington — The Federal Reserve now has a new leader — but his power isn't as vast as it might seem.Kevin Warsh, President Trump's pick for Fed chair, was sworn in at a White House ceremony on Friday, after the Senate confirmed him last week. Warsh vowed to act with "independence and resolve," and the president said he wants Warsh to be "totally independent." Still, Mr.
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