Jerome Powell fired? When does Fed Chair's term end? Kevin Warsh's confirmation gets a twist

President Donald Trump on Friday announced that he is nominating Kevin Warsh to replace Jerome Powell as his Fed Chair pick

Published on: Jan 30, 2026, 18:31:05 IST

By Yash Nitish Bajaj

Prefer HTon Google

Share via

Copy link

President Donald Trump on Friday announced that he is nominating Kevin Warsh to replace Jerome Powell as his Fed Chair pick. The 55-year-old, who previously served on the US central bank’s Board of Governors, will need to be confirmed by the Senate before his appointment becomes official. However, the vote is complicated.

Kevin Warsh was nominated to be the next Fed Chair, replacing Jerome Powell (REUTERS)

"I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best," Trump wrote on his Truth Social platform. “On top of everything else, he is 'central casting,' and he will never let you down,” he added.

Was Jerome Powell fired? When does his term end?

No, Jerome Powell was fired. His term at the helm ends in May. But he can remain on the Fed board, acting as a rank-and-file member until early 2028. Powell has not indicated whether he will quit the board.

Why Kevin Warsh's confirmation is complicated

Questions about how quickly the Federal Reserve might shift course under Kevin Warsh remain unanswered, since the chair alone cannot set interest-rate policy. Any changes must win approval from the Federal Open Market Committee, the 12-member body that votes on monetary decisions.

That group, consisting of seven governors and five rotating regional Fed presidents, opted this week to keep its key rate unchanged after delivering three cuts late in 2025. The benchmark level is still far higher than what Donald Trump has publicly pushed for.

Warsh’s path to confirmation in the Senate may prove just as complex. The central bank is now entangled in a Justice Department investigation tied to Jerome Powell’s 2025 testimony about a facility renovation. The Fed acknowledged receiving subpoenas on January 9, prompting Powell to release a video statement criticizing the inquiry.

Several Republicans quickly rallied behind him, and at least one has vowed to halt progress on any new Fed nominees until the legal dispute is resolved. Warsh will face questions from lawmakers on both sides of the aisle.

ABOUT THE AUTHOR
Yash Nitish Bajaj
Yash Bajaj is a Chief Content Producer with a strong foundation in US coverage, digital strategy, and audience-focused storytelling. As part of the US Desk at Hindustan Times, he covers a wide range of topics - from American politics to sports (NFL, NBA, derbies, MLB and more). Before joining Hindustan Times, Yash served as Deputy News Editor at Times Now, where he oversaw international coverage and led a team of six. In this role, he significantly expanded global traffic through strategic planning, SEO-driven content execution, and meticulous trend tracking across platforms. He is experienced in managing high-pressure breaking-news shifts, coordinating live coverage, and building newsroom systems that improve speed, accuracy, and reach. Prior to Times Now, Yash held a position at Opoyi, where he headed the Sports and US news team. He developed broad editorial strategies, guided reporters across multiple beats, and played a key role in recruiting and training new talent. His responsibilities also extended to social media management and experimenting with innovative content formats. A passionate NFL fan, Yash is a die-hard supporter of the Cincinnati Bengals and has followed Joe Burrow closely since his college days at LSU. Whether breaking down top players' latest performance, analyzing team performances, or tracking roster moves, he brings the same dedication and sharp storytelling to his sports coverage as he does to American politics and breaking news. When he’s not writing, Yash can often be found watching games or debating the latest NFL storylines with fellow fans. Yash holds a Bachelor of Mass Media (Journalism) from HR College, Mumbai University. His interests extend well beyond the newsroom: he is an enthusiastic explorer of AI tools, a movie buff with an ever-growing watchlist, and someone who enjoys unraveling conspiracy theories for fun.Read More

Stay updated with US News covering politics, crime, weather, local events, and sports highlights. Get the latest on Donald Trump and American politics along with Horoscope 2026.