Kevin Warsh Sworn In as Fed Chair; Mentions Bitcoin

Kevin Warsh took the oath of office as chairman and member of the Federal Reserve Board on May 22, completing the transition from Jerome Powell. The Federal Open Market Committee also unanimously selected him to chair the panel that sets U.S. benchmark interest rates.

President Donald Trump nominated Warsh on March 4. The Senate confirmed him as a board member on May 12 and as chair on May 13. His term as chair runs through May 21, 2030, and his Board term extends through Jan. 31, 2040. Powell’s chair term ended on May 15; Powell served as chair pro tempore until Warsh was sworn in.

In his capacity as Fed chair, Warsh will lead FOMC meetings that determine the federal funds rate and oversee the mechanics of monetary policy. The role includes shaping financial conditions and guiding the Fed’s communications about policy. The Federal Reserve posted a notice announcing his oath and the committee’s selection.

Warsh served as a Federal Reserve governor from February 2006 to March 2011, a period that covered the global financial crisis and its aftermath. He studied public policy, economics and statistics at Stanford University and earned a law degree from Harvard Law School. His career has included work at Morgan Stanley and earlier roles in federal economic policy.

Warsh has addressed bitcoin in public remarks on monetary policy and markets. He described bitcoin as ‘an important asset’ and compared its potential long-term role to gold, saying, ‘Bitcoin might serve as a sustainable store of value, like gold.’ He also commented that bitcoin ‘doesn’t make me nervous’ and suggested it ‘can help inform policymakers when they’re doing things right and wrong.’

Those comments are part of the public record as he begins his chairmanship.