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USA: Kevin Warsh is the new head of the bank

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The Senate in the USA chooses Kevin Warsh. He is the new head of the bank. The bank is called Federal Reserve or Fed. Kevin Warsh is 56 years old. He worked for the Fed before. He worked there from 2006 until 2011.

54 senators vote for Kevin Warsh. 45 senators vote against him. Donald Trump picks Kevin Warsh for the job. Kevin Warsh promises: He decides without the help of politics. He is not a puppet for Donald Trump. He says this to the Senate.

Kevin Warsh follows Jerome Powell. The work time for Jerome Powell ends on Friday. Donald Trump often criticizes Jerome Powell. The president wants lower interest rates. Jerome Powell stays in the leadership of the bank. He protects the freedom of the bank.

The new job is hard. Prices for goods go up. This is called inflation. In April the inflation is 3,8 percent. A reason is the war in the Middle East. Kevin Warsh decides now: Do the interest rates go down or stay the same?

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Definitions

Federal Reserve
The Federal Reserve is the main bank of the USA. It is often called Fed. It decides about the interest rates and money in the country.
Notenbank
A bank is a place for money. A bank cares about money and the interest rates of a country.
Inflation
Inflation means that goods get more expensive. Your money is worth less.
Senat
The Senate is a part of the government in the USA. The people there decide about laws and important jobs.
Leitzins
Interest rates are a price for money. They decide how much you pay for loans at a bank.

People

Kevin Warsh
A money expert from the USA. He is the new head of the bank Federal Reserve.
Donald Trump
The current president of the USA.
Jerome Powell
The former head of the bank. He often had fights with Donald Trump about the interest rates.

Locations

Vereinigte Staaten von Amerika
A big country in North America.

Sources

Logo Bild
Bild

Mächtigster Notenbank-Chef der Welt: Trump-Kandidat Warsh wird neuer Fed-Präsident | Politik

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Logo 20 Min
20 Min

USA: US-Senat bestätigt Trump-Kandidaten Warsh als neuen FED-Chef

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Logo Zeit
Zeit

US-Notenbank: US-Senat bestätigt Trump-Kandidaten Warsh als neuen Fed-Chef

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Logo The Guardian
The Guardian

US Senate confirms Kevin Warsh as Federal Reserve chair, replacing Jerome Powell

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Logo ORF
ORF

US-Senat bestätigt Warsh als neuen Fed-Chef

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Logo FAZ
FAZ

US-Senat bestätigt Kevin Warsh als neuen Fed-Chef

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Logo Die Presse
Die Presse

Senat bestätigt Kevin Warsh als Chef der US-Notenbank

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Logo Al Jazeera
Al Jazeera

Kevin Warsh confirmed as new US Federal Reserve chair amid controversy

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