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Senate confirms Trump pick Warsh as chairman of the Federal Reserve, following Powell (apnews.com)

submitted 1 week ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

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Senate Democrats have also condemned Warsh for not fully divulging the details of his extensive wealth, which disclosures show amounts to at least $100 million. His investments include stakes in Polymarket and SpaceX, but he hasn’t revealed how large those holdings are. He promised to sell all such assets within 90 days of being sworn in.

“He will be the wealthiest Fed chair in history, but he refuses to provide transparency to the American people about who he is entangled with,” Warren said.

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[–] jacksilver@lemmy.world 11 points 1 week ago

The chairman position is picked from members of the board for a set term, Powells term is ending.

However, Powell, as a middle finger to Trump, isn't leaving the board. Typically after serving as the chairman, a board member would leave the board. Powell, mostly due to Trumps attempt to influence the board, has decided to stay on breaking a 75 year precedent.

Its nice to see someone breaking precedent to stick it to Trump. I just hope he has enough influence to keep Walsh in check, otherwise we're all screwed.

https://www.fool.com/investing/2026/05/09/fed-chair-jerome-powell-just-broke-75-years-of-pre/