Kevin Warsh, the new chairman of the US Federal Reserve System. Biography

On April 29, 2026, the U.S. Senate confirmed Kevin Warsh's candidacy for the post of chairman of the Federal Reserve System (FRS). 53 senators voted for his appointment, with 47 against. One of the youngest members of the Fed's board of governors in history returns to the central bank after 15 years, now as its head. About the life path, career on Wall Street and the economic views of the new Fed chairman — in the material of Izvestia.

Early years and education

Kevin Maxwell Warsh was born on April 13, 1970 in Albany, New York. He grew up in the northern part of the state in the family of an entrepreneur who owned the production of school uniforms. Already in his youth, he became famous for his ability to make useful connections and impress the right people.

In 1992, Warsh graduated with honors from Stanford University, receiving a bachelor's degree in public policy with a focus on economics and political science. He then continued his studies at Harvard and in 1995 became a Doctor of Laws at Harvard Law School, where he also studied economics and regulatory policy in depth. In addition, he completed training programs at Harvard Business School and the Massachusetts Institute of Technology.

Career on Wall Street and in the Bush administration

After graduating from Harvard, Warsh went to Wall Street. From 1995 to 2002, he worked at the investment bank Morgan Stanley & Co. in New York, specializing in mergers and acquisitions. During this time, he rose to the positions of Executive Director and Vice President.

In 2002, Warsh joined the civil service, becoming Special Assistant to President George W. Bush for economic policy and Executive Secretary of the National Economic Council. There he dealt with financial regulation issues and coordinated the work of federal agencies.

Working at the Fed and the financial crisis

In 2005, economist Ben Bernanke came to the White House, and Warsh became his key assistant, helping prepare for the confirmation hearings as Fed chairman. After Bernanke's appointment in 2006, 35-year-old Warsh was nominated to the Board of Governors of the Federal Reserve, becoming the youngest member of the board in the history of the central bank (he held the post until 2011).

In this position, he played a key role in stabilizing the financial system during the crisis of 2008-2009. Bernanke later called him "one of my closest advisers and confidants," praising his knowledge of markets and connections in political circles. Warsh represented the Fed in the G20 and served as the emissary for relations with Asian economies.

Scientific activity and reformist views

After completing his term at the Fed, Warsh became a senior fellow at the conservative Hoover Institution at Stanford and a lecturer at the Stanford Business School.

Warsh positions himself not as a defender, but as a reformer of the Fed. He advocates changing the central bank's communication system, reducing the Fed's huge balance sheet, and estimating inflation using broader indexes, including median and truncated ones. His doctrine: "Inflation is a choice, and the Fed should be responsible for it." At a Senate hearing, he stated the need for the Fed's independence: "I do not believe that the operational independence of monetary policy is particularly at risk when elected officials express their opinions on interest rates. Central bankers should be strong enough to listen to different points of view."

Personal life

Warsh is married to Jane Lauder, the granddaughter of Estée Lauder, the founder of the cosmetics empire. His father-in-law, billionaire Ronald Lauder, is a major donor and ally of US President Donald Trump. Warsh opined that bitcoin could be "a sustainable store of value, similar to gold."