Federal Reserve chair hires interim policy advisers as staffing choices draw scrutiny

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Ashutosh Sureka

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Federal Reserve chair hires interim policy advisers as staffing choices draw scrutiny — Fed hires advisers under scrutiny

Kevin Warsh begins building his team at the Federal Reserve with two interim policy advisers after taking office last month. One of the appointees, Paul Winfree, wrote the central bank chapter in the conservative policy blueprint Project 2025, adding to attention on how Warsh may approach institutional reform.

Highlights

Federal Reserve chair Warsh appoints Paul Winfree and Daniel Heil as interim policy advisers, delaying permanent staffing decisions amid internal and market scrutiny.
Paul Winfree's association with Project 2025 draws investor attention due to his advocacy for narrowing the Fed's mandate to focus solely on dollar protection and inflation restraint.
Warsh moderates past calls for institutional overhaul, now emphasizing staff development and preservation of the Fed's dual mandate during his White House swearing-in.

Early staffing moves at the Fed

As first reported by The Wall Street Journal, Warsh brings in Paul Winfree and Daniel Heil as temporary contractors to support policy analysis and planning on special projects. A person familiar with the matter tells CNBC that the two men are interim advisers and that Warsh has not yet made other permanent hires.

Heil is a fellow at Stanford University's Hoover Institution, where Warsh held a position before joining the Fed. Winfree previously served on the Domestic Policy Council in the first Trump administration and later founded the Economic Policy Innovation Center, a pro-Trump think tank.

Reform agenda and market attention

Warsh's personnel decisions are likely to face close scrutiny because he has cast himself as an insider-turned-critic of the central bank after serving as a Fed governor during the 2007-2008 financial crisis under Ben Bernanke. His wider network of advisers includes Condoleezza Rice, Stanley Druckenmiller and Chevron CEO Mike Wirth, all of whom appeared at his White House swearing-in last month.

Winfree's work on Project 2025 draws particular notice because his chapter outlines conservative proposals that in some cases go further than Warsh's own public comments on the Fed. Among the ideas he examined is ending the central bank's dual mandate and narrowing its focus to protecting the dollar and restraining inflation.

Warsh has recently softened his language toward Fed staff after saying in a 2025 interview that "regime change" at the institution would require "breaking some heads." At his swearing-in, he says his goal is to create an environment in which the best people can do their life's best work, while also speaking positively about preserving both sides of the dual mandate; the Federal Reserve declines to comment.

Our earlier article on Kevin Warsh’s opening message as incoming Fed chair described how he signaled a blend of continuity and reform, promising more open policy discussions and a willingness to change long-standing practices. It also noted his early focus on potential shifts such as shrinking the Fed’s balance sheet, revisiting inflation metrics, and preparing markets for his first policy meeting amid heightened scrutiny of the central bank’s independence.

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