On May 22, 2026, Kevin Warsh (b. 1970) became chair of the Federal Reserve Board of Governors, replacing Jerome Powell. Donald Trump nominated both Warsh and Powell, and both are Republicans. Trump often attacked Powell for not lowering interest rates, threatened to fire him and threatened him with criminal prosecution ostensibly for improper use of funds to modernize the Federal Reserve building located in Washington, D.C.
Whether Trump’s relationship with Warsh will be any smoother than with Powell, and to what extent Warsh will serve Trump and the Republicans’ partisan interests as opposed to doing what he thinks will be in the best interests of U.S. capitalism, remains to be seen. Trump, who celebrates his 80th birthday June 14, 2026, will likely not run for office again. This November will see midterm elections, when seats in one-third of the Senate and the entire House of Representatives will be at stake.
Republicans fear, with good reason, that they’ll lose control of the House, perhaps by a big margin, and possibly the Senate as well, though this is less likely. If this happens, Trump could face a third impeachment by the House and, depending on circumstances, conviction by the Senate, resulting in his ouster before the end of his second term. I’ll examine this more closely as the November elections approach.