Fed Chair Warsh makes first hires at central bank, including ‘Project 2025’ author

Federal Reserve Chair Kevin Warsh has recently made some key personnel decisions, bringing in two conservative economic policy researchers to work with him at the central bank. According to CNBC, the two researchers are Paul Winfree, known for his work on the Federal Reserve in the conservative policy blueprint “Project 2025,” and Daniel Heil, a fellow at Stanford’s Hoover Institution think tank.

These researchers are currently working as temporary contractors to assist Warsh in his policy analysis and planning on special projects. It is noted that Warsh has not made any permanent hires yet, and his choices in personnel will be closely observed. Warsh has a wide network of advisers, including prominent figures like former Secretary of State Condoleezza Rice, investor Stanley Druckenmiller, and Chevron CEO Mike Wirth.

Warsh, who previously served as a governor at the Fed during the 2007-2008 financial crisis under Chair Ben Bernanke, has positioned himself as an insider-turned-critic. He pledged “regime change” at the Fed when seeking the chairmanship, indicating a desire to shake things up within the central bank.

Paul Winfree, one of the new hires, has a background in the first Trump administration’s Domestic Policy Council and is the founder of the Economic Policy Innovation Center, a pro-Trump think tank. His ideas for reforming the Fed, as outlined in “Project 2025,” include proposals to end the Fed’s dual mandate and focus solely on protecting the dollar and controlling inflation.

Despite Winfree’s suggestions, Warsh has expressed a commitment to upholding both aspects of the dual mandate during his tenure. The Federal Reserve has declined to comment on these recent personnel changes, as reported by The Wall Street Journal.

Warsh’s approach to staffing at the Fed reflects his vision for change within the institution. By bringing in researchers with conservative economic viewpoints, he aims to shape policy decisions that align with his goals for the central bank. It will be interesting to see how these new hires influence the direction of the Federal Reserve under Warsh’s leadership.