financetom
Economy
financetom
/
Economy
/
Early dissents versus Fed chief Warsh are the most since 1970
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Early dissents versus Fed chief Warsh are the most since 1970
Jul 29, 2026 3:55 PM

July 29 (Reuters) - Kevin Warsh came into the Federal Reserve chairman's seat busting for, as he repeatedly called it, a "good family fight," and he appears to have had a bruiser at this week's two-day policy meeting, just the second he has overseen.

Three of his fellow Federal Open Market Committee members dissented against a decision to hold interest rates unchanged, preferring they be raised, according to the policy statement released on Wednesday by the U.S. central bank.

No Fed leader since the 1970s has faced such great opposition so early in their tenure, according to a record of FOMC dissents maintained by the St. Louis Fed.

Arthur Burns had three FOMC members vote against his very first policy decision in February 1970. And Paul Volcker had two members object at his first meeting - then four at his second.

More recently, Janet Yellen had a dissenting vote at her first meeting in March 2014, when the Fed's benchmark interest rate was held near zero but extensive new forward guidance was introduced that drew opposition from then-Minneapolis Fed President Narayana Kocherlakota.

Indeed, most Fed leaders since 1970 have faced some opposition within their first year. Warsh's immediate predecessor, Jerome Powell, was one who bucked that trend, managing a string of unanimous decisions to start his term before the first dissent was lodged in June 2019, his 11th meeting as head of the central bank.

And just one Fed leader since the 1930s has made it through with a perfect record: Thomas McCabe chaired 19 meetings between May 1948 and March 1951 without a single recorded dissent.

Following is a list, based on St. Louis Fed records, of the meetings at which a new Fed leader encountered their first dissents from FOMC members, how far into their tenure that occurred and how many policymakers voted against the decision of the day.

Kevin Warsh - July 2026 (second meeting, 3)    

Jerome Powell - June 2019 (11th meeting, 1)

Janet Yellen - March 2014 (first meeting, 1)

Ben Bernanke - August 2006 (fourth meeting, 1)

Alan Greenspan - December 1987 (fourth meeting, 2)

Paul Volcker - August 1979 (first meeting, 2)

G. William Miller - May 1978 (fourth meeting, 2)

Arthur Burns - February 1970 (first meeting, 3) 

William McChesney Martin - November 1957 (63rd meeting, 1)

Thomas McCabe - none (19 meetings, May 1948-March 1951)

Marriner Eccles - December 1938 (16th meeting, 3)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Storm clouds gather over US economy as Trump kicks off trade war
Storm clouds gather over US economy as Trump kicks off trade war
Mar 4, 2025
WASHINGTON (Reuters) - A U.S. economy praised for its surprising resilience to a pandemic, high inflation, and rapid interest rate hikes faces a new challenge from President Donald Trump's self-declared trade war, seen by economists as a recipe for fewer jobs, slower growth, and higher prices. The fallout, assuming Trump does not backtrack in the face of falling stock markets...
Venezuela's oil exports rose in Feb ahead of Chevron's license termination
Venezuela's oil exports rose in Feb ahead of Chevron's license termination
Mar 4, 2025
(Reuters) - Venezuela's exports of crude and fuel rose in February to their highest since November, vessel monitoring data showed, as the U.S. prepared to terminate a key license that allows oil major Chevron ( CVX ) to operate and ship crude from the country. Venezuela's oil output and exports have grown since Chevron ( CVX ) was granted the...
Fed's Williams Weighs Tariff Impact As Markets Brace For Uncertainty: Bloomberg
Fed's Williams Weighs Tariff Impact As Markets Brace For Uncertainty: Bloomberg
Mar 4, 2025
Federal Reserve Bank of New York president John Williams warned that tariffs will likely contribute to inflation but stressed that uncertainty remains over their broader economic impact, per a Bloomberg report. What Happened: Speaking at the Bloomberg Invest conference in New York, Williams said he expects some inflationary effects from President Donald Trump's tariffs later this year, Bloomberg reported. You...
Fed's Williams: Tariffs may push up inflation, rate policy in good place
Fed's Williams: Tariffs may push up inflation, rate policy in good place
Mar 4, 2025
NEW YORK (Reuters) - Federal Reserve Bank of New York President John Williams said on Tuesday that Trump administration tariffs will have some impact on driving up price pressures but there is still a lot of uncertainty how this will all play out. I do factor in some effects from tariffs on inflation that will play out over the year,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved