Chairman Smith Applauds Confirmation of Kevin Warsh as New Chair of Federal Reserve

Ways and Means Committee Chairman Jason Smith (MO-08) praised the Senate’s confirmation of Kevin Warsh as the next Chair of the Federal Reserve on May 13, 2026, calling the timing critical for American families and small businesses.

Smith Cites Years of Fed Mismanagement

In a statement following the Senate vote, Chairman Smith argued that Warsh’s confirmation arrives at a pivotal moment, pointing to what he described as years of poor stewardship at the central bank that burdened working Americans and small business owners alike. Smith contended that elevated interest rates have constrained the country’s economic potential — making homeownership more difficult for families and limiting access to capital for small businesses seeking to invest and expand.

Smith expressed confidence that Warsh, a former Federal Reserve governor, brings a fundamentally different approach to monetary policy. “With Chairman Warsh taking over, our central bank will now be led by someone who appreciates how high interest rates have held back our country’s economic potential,” Smith said.

Tax Relief and Lower Borrowing Costs Seen as Complementary

Smith also drew a direct connection between Warsh’s confirmation and the recently enacted Working Families Tax Cuts, the tax relief legislation passed by Congressional Republicans alongside President Trump. Smith highlighted that Americans are already seeing tangible results from the law — citing historic tax refunds issued this year — and argued that reduced borrowing costs under new Fed leadership would compound those gains.

In Smith’s framing, the tax cuts put more money in Americans’ pockets and expanded pathways to prosperity, while lower interest rates would allow families and job creators to fully capitalize on that relief. The combination, he suggested, positions the broader economy for stronger growth.

A New Direction for the Central Bank

The confirmation of Warsh represents a significant leadership transition at the Federal Reserve, an institution whose interest rate decisions ripple across housing markets, business lending, consumer credit, and broader investment activity. For Republican lawmakers and conservative economic policy advocates, the change signals a potential shift toward a monetary environment more conducive to growth.

Chairman Smith closed his statement by expressing hope that the new Fed leadership would ensure the central bank no longer functions as an obstacle to American economic expansion — a pointed critique of the direction the institution has taken in recent years under prior leadership.

Warsh’s confirmation was welcomed by Ways and Means Republicans as a complement to the legislative work already underway, with Smith framing the moment as an opportunity to align fiscal and monetary policy in service of working families and small businesses across the country.

Source: House Ways and Means Committee, Office of Chairman Jason Smith. Retrieved from waysandmeans.house.gov.