Hoover Institution (Stanford, CA)—The Hoover Institution congratulates Kevin Warsh, the Shepard Family Distinguished Visiting Fellow in Economics at Hoover, on his confirmation by the U.S. Senate to serve as chairman of the Board of Governors of the Federal Reserve System.
"I have known Kevin for most of his adult life. I first met him as a student in my international politics class at Stanford University, and it was clear even then that he was exceptional,” said Sec. Condoleezza Rice, Tad and Dianne Taube Director of the Hoover Institution.
“Kevin is uniquely suited to lead the Federal Reserve at this moment. He is battle-tested, principled, and brings the breadth of judgment this role demands. Just as important, he understands how deeply international relations and monetary policy are intertwined - a reality that will only grow more consequential in the years ahead.
He is the right person at the right time. On behalf of his friends and colleagues at the Hoover Institution, we wish him well."
In a bipartisan vote, the U.S. Senate confirmed Warsh, who now will become the Fed’s 17th chair when he is sworn in.
At his confirmation hearing before the U.S. Senate Banking Committee, Warsh expressed gratitude for the impact of the Hoover Institution and its scholars.
“George Shultz, the former secretary of state and treasury, was among the great patriots at the Hoover Institution who I came to know as mentor and friend. I could not have imagined a better formative experience: a chance to observe disciplined thinking, to learn rigorous statistical and economic methods, to appreciate geopolitical and economic history, to exercise independence of mind, to resist fads and groupthink, to witness humility among the most expert, and, perhaps most important, to be around people completely devoted to the ideas and ideals of our country.”
“Without their guidance—and that of a few other great mentors including my current boss and close friend at the Hoover Institution, former secretary of state Condoleezza Rice—I doubt I would be sitting before you today as the President’s Fed chairman-nominee. But I am certain of one thing: I would not be as prepared for the urgent, mission-critical task at hand.”
Warsh served as a member of the Federal Reserve Board of Governors from 2006 to 2011. During that period, he took part in key decisions during the financial crisis and the early recovery. He also represented the Federal Reserve at international meetings and worked on issues tied to market functioning, banking oversight, and central bank communications.
Warsh has contributed to research and public discussions focused on sound monetary policy, the role of central banks, and long-term growth. He has engaged with Hoover fellows, students, and visiting leaders through seminars, contributing to publications, and participating in public programs. In 2022, he cowrote a paper with Senior Fellow John F. Cogan on a new framework for US economic governance.
A student of the late Milton Friedman while completing his undergraduate degree at Stanford, Warsh has addressed in his work over the years the importance of credible monetary policy, clear rules, honest communication with the public, and institutional accountability. Apart from engaging in his own studies, he’s participated in several longstanding Hoover initiatives, including the George P. Shultz Energy Working Group, the Digital Currency and Electronic Payments Working Group, and the Fiscal Policy Initiative.
Hoover economists study the practical challenges facing policymakers and the long-term consequences of economic choices. Warsh’s nomination reflects the continued relevance of Hoover’s scholarship in national debates over inflation, employment, financial regulation, and the resilience of the US economy.
The chairman of the Federal Reserve leads the nation’s central bank and plays a central role in setting monetary policy, supervising key parts of the financial system, and communicating policy decisions to the public and markets.
For more information, please contact Jeffrey Marschner, assistant director of media and government relations, at jmarsch@stanford.edu or 202-760-3200.
