Warsh Faces Unprecedented Dissent in Fed Policy Meeting

The Federal Reserve's new chair, Kevin Warsh, has faced significant opposition in his first policy meeting. At least three members of the Federal Open Market Committee dissented against keeping interest rates unchanged.

This level of dissent is unprecedented for a Fed leader since the 1970s. According to records maintained by the St. Louis Fed, only two previous chairs have had such strong opposition: Arthur Burns in February 1970 and Paul Volcker in August 1979.

Warsh's predecessor, Jerome Powell, was one of the few Fed leaders who avoided dissent in their first year. However, Warsh has already faced significant resistance with three members voting against his decision at just his second meeting.