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Congressional Daily Record
This section covers nominations, confirmations, or other executive branch business. It mentions members such as John Thune.
Official title: NOMINATION OF KEVIN WARSH
Issued
May 13, 2026
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Download official Senate Record PDFReturn to issue contextMr. THUNE. Mr. President, later today, the Senate will finish considering the nomination of Kevin Warsh to be the 17th Chairman of the Federal Reserve.
Leading the Federal Reserve System is an enormous task. The decisions the Fed makes affect Wall Street and Main Street and kitchen tables all across the country. So it is critical that we have people who understand not only the macro—the global economy and the markets—but who appreciate the microeconomy, and that is the hard-working Americans, their jobs, and their livelihoods.
Kevin Warsh is just such a person.
New York where his dad ran a children's clothing store and manufacturing company. From Shaker High School, he went on to Stanford University and then Harvard Law School.
service and joined the Bush administration's economic policy team in 2002. Four years later, President Bush nominated him to the Federal Reserve Board of Governors. At age 35, Kevin Warsh was unanimously— unanimously—confirmed here in the Senate and became the youngest Governor in the history of the Federal Reserve. Being the youngest person to take a seat in the Federal Reserve's boardroom is impressive enough, but Kevin Warsh didn't just take his seat—he was a key player during the time he was on the Board.
Chairman; yet Democrats oppose his nomination. That is right. For the first time in its history, the Banking Committee reported out a nominee for Fed Chairman on a party line vote because every single Democrat opposed Mr. Warsh's nomination—and, actually, only one Democrat was even present for the vote. The other 10 Democrats on the Banking Committee didn't even bother to show up for it.
of Mr. Warsh's two nominations: his nomination to be on the Board of Governors. He has already had that job, and a number of Democrats actually supported his nomination the last time; but those same Democrats voted yesterday against appointing him to the Board, and I suspect they will do the same when it comes time to vote on his other nomination to be the Chairman later today.
derangement syndrome has gotten on the other side of the aisle. Democrats won't say so, but that is what it is. I expect we are going to hear Democrats attempt to justify their opposition by suggesting that a Chairman Warsh would somehow threaten the Fed's independence. I have to say that is a pretty serious claim and one that doesn't really have any basis in reality.
To begin with, Mr. Warsh's testimony before the Banking Committee should have put any concerns about his independence to rest, but if the depth of his commitment to Fed independence were at all unclear, I recommend my colleagues review a speech he gave in 2010, entitled “An Ode to Independence,” in which he said:
Central bank independence is precious . . . Ensuring Fed
independence—as the cornerstone of institutional
credibility—is our charge to keep. It is central to what the
Federal Reserve represents, and to how policy is conducted.
He's not an ideologue. Since I've known him, he was someone
who tried to get things done.
introduced Kevin Warsh at his 2006 confirmation hearing. He said then of Warsh:
He knows unequivocally that the Fed must be independent,
nonideological, and nonpartisan, and for this reason, I am
proud to support his nomination.