Fed Mouthpiece: With Democrats now controlling the Senate, Walsh can no longer install his confidants and may only work with existing Fed governors.

Nick Timiraos, The Wall Street Journal’s chief economic reporter and widely known as the "Fed Whisperer", wrote that if the Democrat-controlled Senate refuses to confirm any nominees, the question of whether Kevin Warsh will have a say in Trump’s next round of Federal Reserve appointments becomes irrelevant. Past Fed chairs often relied on their handpicked vice chairs, so Warsh may only be able to work with the Board term he inherited. Timiraos noted that the Democrats taking control of the Senate could be the strongest check on Trump’s efforts to reshape the Federal Reserve to date. Previous checks on the Fed’s independence were still scattered, including opposition from Senator Tillis, Jerome Powell’s continued tenure as a Fed governor, and a court ruling that kept Lisa Cook in her post temporarily. Trump named Warsh as the new Fed chair this spring, but the majority of the Federal Reserve Board seats are currently held by appointees from other presidents, with no open vacancies at present. Should a vacancy emerge, future nominees will still need to secure approval from the Democrat-controlled Senate. Last year, neither the confirmation of Stephen Miran nor the promotion of Mickey Bowman to Vice Chair for Supervision garnered any Democratic votes. Warsh himself only secured one Democratic vote, from Fetterman.