There are lingering doubts that Warsh will share Powell's backbone in defending the Fed against Trump's endless attempts to bring it under his control

Powell addressed the question of whether he will stay on as a Board of Governors member after his term as chair ends.

Kevin Warsh, President Donald Trump’s pick to lead the Federal Reserve, is now firmly on track to assume one of the most powerful positions in the global economy — and could advance an agenda that aligns with Trump’s desire for lower rates.

Federal Reserve Chair Jerome Powell is drawing backlash from Trump administration figures and allies after announcing his plans to stay at the central bank beyond his chairmanship. Powell said Wednesday that he will remain on the Fed board for an undetermined amount of time after Kevin Warsh takes over as chair given the various legal threats he believes the bank still faces.

A major change in monetary policy could have wide-ranging impacts on investors.

After eight years spanning three administrations, 66 interest-rate-setting meetings, a pandemic, a criminal probe and countless attacks from the Trump administration, Jerome Powell capped his final policy meeting as chair of the Federal Reserve on Wednesday.

U.S. Attorney Jeanine Pirro had subpoenaed Powell but a court threw out the effort, which Pirro has vowed to appeal. Pirro in recent days referred the investigation to the Fed's inspector general, removing the criminal element and helping clear a political roadblock that had threatened to stall Warsh's confirmation.

President Trump’s pick to lead the Federal Reserve, Kevin Warsh, has said he wants to bring “regime change” to the central bank, but if confirmed by the Senate he will find a Fed already transformed by the White House’s attacks.