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Kevin Warsh Calls for 'Regime Change' in Fed Policy at Senate Confirmation Hearing, April 21, 2026

April 21, 2026 · U.S. Senate Banking Committee GOP · 2:49:41

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What happened

The Senate Banking Committee held its confirmation hearing on Kevin Warsh’s nomination to be Chair of the Federal Reserve on April 21, 2026, according to the committee broadcast. Chairman Tim Scott framed the hearing around affordability and the Fed’s dual mandate of stable prices and maximum employment, and Senator Dave McCormick introduced Warsh, noting he was first appointed to the Fed board in 2006 at age 35, the youngest appointee in its history, and had been unanimously confirmed by the Senate, as stated in the proceedings.

In his testimony and answers, Warsh said the Fed’s 2021–2022 policy errors — which he said left prices up 25 to 35 percent for virtually all income groups — require “a regime change in the conduct of policy” and a new inflation framework, according to his remarks. He argued the interest-rate tool is fairer than the balance-sheet tool, which he said disproportionately helps holders of financial assets, and he criticized the Fed’s forward-guidance practice, saying published forecasts cause the central bank to hold onto decisions too long and compound its errors, as stated in his testimony.

Ranking Member Elizabeth Warren pressed Warsh on ethics, citing what she described as more than $100 million in undisclosed investments. Warsh said he had worked with the Office of Government Ethics and had agreed to sell all of his financial assets, according to the exchange.

Why it matters

Warsh used his confirmation hearing to promise a structural overhaul of how the Fed makes and communicates policy — a new inflation framework, a smaller role for the balance sheet, and an end to forward guidance as currently practiced — if the Senate confirms him as the 17th Fed chair.

Scoreboard watch

The Warsh nomination itself is the verdict-worthy item: the committee hearing is complete, and the scoreboard editor can track the committee vote and full Senate confirmation as they occur.

Sources: U.S. Senate Banking Committee GOP, ‘Banking Committee Hearing, “Nomination of Kevin Warsh to be Chair of the Federal Reserve”’, 2026-04-21 (official upload, embedded above; published 2026-04-21). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.