Atlanta Fed presidency offers Warsh a chance to reshape central bank leadership
A vacancy at the Federal Reserve Bank of Atlanta is giving Chairman Kevin Warsh an early opening to influence the U.S. central bank's leadership. The role has been open since February, and the selection process is continuing after being reset when Warsh took over.
Highlights
- Kevin Warsh restarted the Atlanta Fed presidential search after becoming chair, aiming for sweeping changes in Fed policy and leadership.
- Michael Faulkender, former deputy Treasury secretary under Donald Trump, was considered for the Atlanta Fed role, but his current candidacy status is unclear.
- With limited upcoming FOMC openings, the Atlanta Fed presidency offers Warsh a rare opportunity to influence central bank direction and leadership composition.
Atlanta search reset under new chair
As first reported by CNBC, the Washington-based Board of Governors has a say in the choice for the Atlanta Fed presidency, and two people familiar with the search say the process was restarted after Warsh became chair.The Fed considered Michael Faulkender, a former deputy Treasury secretary under President Donald Trump, for the Atlanta role, although his current standing in the process could not be determined from the report. Warsh has said he wants "regime change" at the Fed, including a rethink of rate-setting, balance sheet policy, communications and the data used to assess the economy.
Limited openings increase Atlanta role's significance
Because Warsh inherits a Federal Reserve whose membership was shaped by Jerome Powell and earlier chairs, he has few immediate chances beyond the Atlanta post to place allies on the Federal Open Market Committee.The Atlanta position has been vacant since February, when Raphael Bostic stepped down at the end of his term after announcing his departure in November. Bostic became the first African American to lead a district bank in 2017, following pressure from Congress and outside groups for the Fed to diversify its leadership ranks.
In our earlier coverage of Kevin Warsh’s shift in Fed communications, we outlined how his move toward a shorter policy statement and less forward guidance could raise uncertainty about the future path of interest rates. We also noted that Warsh signaled broader reviews of key policy areas—such as communications, the balance sheet and the use of economic data—setting the stage for wider institutional changes that markets will watch closely.
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