Kevin Warsh
Nominee for Federal Reserve Chair; former Fed Governor (2006–2011)
Testified before Senate Banking Committee April 21; deflected questions about the 2020 election and Fed independence; committed to reducing forward guidance, shrinking the Fed's balance sheet, and narrowing the Fed's mandate away from climate concerns
Jerome Powell
Federal Reserve Chair; term expires May 15, 2026
His departure is the occasion for the nomination; was subpoenaed by DOJ in January 2026 over testimony about the Fed's $2.5B building renovation; agreed to stay on past May 15 until Warsh is confirmed to prevent a leadership vacuum
Tim Scott
U.S. Senator (R-SC); Chairman, Senate Banking Committee
Chaired the April 29 committee vote and the April 21 confirmation hearing; framed Warsh as restoring the Fed's economic stewardship mission; scheduled the full Senate floor vote for the week of May 11
Thom Tillis
U.S. Senator (R-NC); member, Senate Banking Committee
Single-handedly blocked the committee vote for nearly two months by threatening to join Democrats; reversed course after Jeanine Pirro dropped the investigation April 25; his switch enabled the 13-11 committee vote
Elizabeth Warren
U.S. Senator (D-MA); Ranking Member, Senate Banking Committee
Led unified Democratic opposition in both the hearing and the vote; introduced the 'sock puppet' framing that defined the Democratic critique; highlighted Warsh's refusal to confirm Trump lost the 2020 election as disqualifying
Jeanine Pirro
U.S. Attorney for the District of Columbia
Dropped the criminal investigation into Powell on April 24 — the single action that unblocked Tillis's hold and made the committee vote possible; retained the option to reopen the probe, which Warren cited as evidence the threat to Fed independence remained
Donald Trump
President of the United States
Nominated Warsh and formally submitted the nomination to the Senate March 4; publicly demanded rate cuts from Powell throughout his term; said he would be 'disappointed' if Warsh did not immediately cut rates after confirmation
Stephen Miran
Federal Reserve Governor; Trump appointee (confirmed September 2025)
His seat is the one Warsh would fill as Fed chair; as a Trump-appointed governor, Miran has advocated internally for the rate cuts Trump demands, previewing the policy direction Warsh is expected to pursue
John Thune
U.S. Senate Majority Leader (R-SD)
Scheduled the full Senate confirmation vote for the week of May 11, giving Warsh time to be confirmed before Powell's term ends May 15 and potentially take the chair at the June 16-17 Fed meeting