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Kevin Warsh to be sworn in as Federal Reserve chair on Friday

Cnbc · · 232 words · By Jeff Cox
open_in_new Read the original article: https://www.cnbc.com/2026/05/18/kevin-warsh-trump-federal-reserve-chair.html

fact_checkFact-Check Results

7 claims extracted and verified against multiple sources including cross-references, web search, and Wikipedia.

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info Single Source 2
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“President Donald Trump will swear in Kevin Warsh, his hand-picked choice to lead the Federal Reserve, during a ceremony Friday”
CORROBORATED
Multiple sources confirm Donald Trump nominated Kevin Warsh for Fed Chair, and Wikipedia identifies him as the designate chair. Web results indicate the nomination and subsequent confirmation process.
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wikipedia NEUTRAL — Kevin Allen Hassett (born March 20, 1962) is an American economist who has been the director of the National Economic Council since 2025. He was the senior advisor and chairman of the Council of Econo…
https://en.wikipedia.org/wiki/Kevin_Hassett
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wikipedia NEUTRAL — Kevin Maxwell Warsh (born April 13, 1970) is an American financier and attorney who is the designate chair of the Federal Reserve and a designate member of the Federal Reserve Board of Governors. Wars…
https://en.wikipedia.org/wiki/Kevin_Warsh
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wikipedia NEUTRAL — This is a list of political appointments of officeholders made by the 47th president of the United States, Donald Trump.
https://en.wikipedia.org/wiki/Political_appointments_of_the_…
+ 3 more evidence sources
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“The move will end a process that started in the summer of 2025 and culminated last week with the Senate confirming Warsh in a nearly total party-line vote.”
CORROBORATED
AP News and other web search results explicitly confirm that the Senate confirmed Kevin Warsh as Federal Reserve chair following a vote.
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wikipedia NEUTRAL — The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System of the United States. It oversees the Federa…
https://en.wikipedia.org/wiki/Federal_Reserve_Board_of_Gover…
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wikipedia NEUTRAL — In November 2025, federal prosecutors in Washington, D.C., opened a criminal investigation into Jerome H. Powell, the Chair of the Federal Reserve, concerning the renovation of the Federal Reserve’s h…
https://en.wikipedia.org/wiki/Federal_investigation_into_Jer…
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wikipedia NEUTRAL — Kevin Maxwell Warsh (born April 13, 1970) is an American financier and attorney who is the designate chair of the Federal Reserve and a designate member of the Federal Reserve Board of Governors. Wars…
https://en.wikipedia.org/wiki/Kevin_Warsh
+ 3 more evidence sources
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“The new chair will succeed Jerome Powell, whose term expired Friday but who continues to serve on a pro-tempore basis until Warsh officially takes over.”
CORROBORATED
Three independent cross-references (CNBC, NY Post) explicitly state that Jerome Powell's term as chair expired on Friday and that he continues to serve as a governor.
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wikipedia NEUTRAL — In November 2025, federal prosecutors in Washington, D.C., opened a criminal investigation into Jerome H. Powell, the Chair of the Federal Reserve, concerning the renovation of the Federal Reserve’s h…
https://en.wikipedia.org/wiki/Federal_investigation_into_Jer…
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wikipedia NEUTRAL — Jerome Hayden "Jay" Powell (born February 4, 1953) is an American central banker and attorney who has served as the 16th chair of the Federal Reserve since 2018. He was previously both a lawyer and in…
https://en.wikipedia.org/wiki/Jerome_Powell
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wikipedia NEUTRAL — Donald J. Trump, et al. v. Lisa D. Cook is a lawsuit brought by Lisa Cook, a member of the Federal Reserve Board of Governors, against U.S. president Donald Trump, the board, and its chairman, Jerome …
https://en.wikipedia.org/wiki/Trump_v._Cook
+ 3 more evidence sources
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“Once seated, Warsh, 56, will become the 11th chair in the modern era”
DISPUTED
The claim states Warsh is 56. However, Wikipedia lists his birth date as April 13, 1970, which would make him 55 in 2025. Additionally, one source identifies him as the 17th chair, contradicting the claim that he is the 11th chair in the modern era.
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wikipedia NEUTRAL — Kevin Maxwell Warsh (born April 13, 1970) is an American financier and attorney who is the designate chair of the Federal Reserve and a designate member of the Federal Reserve Board of Governors. Wars…
https://en.wikipedia.org/wiki/Kevin_Warsh
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wikipedia NEUTRAL — Janet Louise Yellen (born August 13, 1946) is an American economist who served as the 78th United States secretary of the treasury from 2021 to 2025 and as chair of the Federal Reserve from 2014 to 20…
https://en.wikipedia.org/wiki/Janet_Yellen
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wikipedia NEUTRAL — The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of th…
https://en.wikipedia.org/wiki/Federal_Reserve
+ 3 more evidence sources
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“as well as the wealthiest person ever to hold the seat, based on financial disclosures he filed ahead of confirmation.”
CORROBORATED
Multiple independent sources (The Motley Fool, IBTimes UK) report that Kevin Warsh is the wealthiest person ever to hold the seat based on financial disclosures.
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web search NEUTRAL — The nominee for chair of the Federal Reserve reportedly has financial assets totaling over $130 million.In fact, if confirmed, Warsh would be the wealthiest Fed chair ever. But just because he's spent…
https://www.fool.com/investing/2026/05/04/kevin-warsh-could-…
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web search NEUTRAL — Incoming US Federal Reserve Chairman Kevin Warsh is set to become the wealthiest individual ever to lead the American central bank when he formally succeeds Jerome Powell on Monday, following a narrow…
https://www.ibtimes.co.uk/kevin-warsh-wealthiest-federal-res…
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web search NEUTRAL — Kevin Warsh was confirmed on May 13 as the 17th chair of the Federal Reserve (Fed), with his term officially beginning when Jerome Powell's term expires on May 15.
https://www.chase.com/personal/investments/learning-and-insi…
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“the post-Powell Fed will resume lowering interest rates, as it did three times in 2025.”
SINGLE SOURCE
While BBC News mentions a rate cut in 2025, the provided evidence does not specifically confirm that the Fed lowered rates exactly three times in 2025.
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web search NEUTRAL — Federal Reserve Chair Jerome Powell tells a news conference about the US central bank's decision to cut its key interest rate by 0.25 percentage points. This is the Fed's first cut this year and puts …
https://www.bbc.com/news/live/cx2xe98r4wrt
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web search NEUTRAL — Selected Interest Rates - H.15. Micro Data Reference Manual (MDRM).The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit as well as th…
https://www.federalreserve.gov/releases/h15/
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web search NEUTRAL — Interest Rate in the United States averaged 5.39 percent from 1971 until 2026, reaching an all time high of 20.00 percent in March of 1980 and a record low of 0.25 percent in December of 2008.
https://tradingeconomics.com/united-states/interest-rate
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“Powell presided over a Fed that has missed the target for more than five years running.”
SINGLE SOURCE
The provided evidence confirms Powell's tenure and the fight against inflation, but does not provide a specific data point confirming the Fed missed its target for 'more than five years running'.
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web search NEUTRAL — WASHINGTON (AP) — When Jerome Powell was sworn in as chair of the Federal Reserve eight years ago, economists worried that inflation and interest rates were too low and that too few Americans had jobs…
https://www.local10.com/news/2026/05/15/powells-legacy-at-th…
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web search NEUTRAL — Jerome Hayden "Jay" Powell is an American central banker and attorney who has been the 16th chair of the Federal Reserve since 2018. He was previously both a lawyer and investment banker in the privat…
https://en.wikipedia.org/wiki/Jerome_Powell
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web search NEUTRAL — Federal Reserve Chair Jerome Powell gives his thoughts on inflation risks, the economy, the timeline for cutting rates, the health of the country’s banks and...
https://www.youtube.com/watch?v=ImrKxlLJCEY
info Disclaimer: This analysis is generated by AI and should be used as a starting point for critical thinking, not as definitive truth. Claims are verified against publicly available sources. Always consult the original article and additional sources for complete context.