Kevin Warsh, barely a week into his tenure as Federal Reserve Chairman, has appointed two outside advisers to guide his transition. The most notable is Paul Winfree, a conservative economist with ties to the Heritage Foundation and Project 2025.
Warsh was nominated by President Trump on March 4, 2026, confirmed as a Board member on May 12, and as Chairman on May 13. He was sworn in on May 22, completing the process in roughly two and a half months.
Warsh previously served as a Fed Governor from 2006 to 2011, navigating the worst financial crisis since the Great Depression. His selection aligns with the Trump administration's push for lower interest rates and a "Main Street" economic focus.
Winfree, former Director of Budget Policy in the Trump administration, contributed to Project 2025, which advocates for reducing the Fed's balance sheet and rethinking its dual mandate of stable prices and maximum employment. The identity of the second adviser has not been publicly disclosed.