The thesis. This paper anchors the author’s opinion on the public record, in what the new Federal Reserve Chairman, Kevin Warsh, has said in sworn testimony and at his own press conferences, and in what President Trump and Treasury Secretary Bessent have said about him and related matters. The opinion follows the evidence to a logical conclusion. What is unfolding at the Federal Reserve is not, as it has been casually described, a “family fight” over interest rates. It is a significant “regime change” in how the institution is governed, a reshaping of its rules and customs that enlarges the chair’s influence over outcomes, shielded by an opaque review of five working groups he alone assembled, unfolding under a president who has made his wishes explicit and left the means of pressure in place.
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