{"id":884,"date":"2026-07-30T12:09:07","date_gmt":"2026-07-30T12:09:07","guid":{"rendered":"https:\/\/officemovingamerica.com\/?p=884"},"modified":"2026-07-30T12:09:07","modified_gmt":"2026-07-30T12:09:07","slug":"early-dissents-versus-fed-chief-warsh-are-the-most-since-1970","status":"publish","type":"post","link":"https:\/\/officemovingamerica.com\/?p=884","title":{"rendered":"Early Dissents Versus Fed Chief Warsh Are the Most Since 1970"},"content":{"rendered":"
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By Dan Burns<\/p>\n<\/div>\n

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July 29 (Reuters) – Kevin Warsh came into the \u2060Federal \u2060Reserve chairman’s seat busting for, \u2060as he repeatedly called it, a “good family fight,” and he appears \u200bto have had a bruiser at this week’s two-day policy meeting, just the second he has overseen.<\/p>\n

Read more Today\u2019s News: The Fed Announces Rates, Fauci Returns to Washington and Earthquake Rocks Japan<\/a><\/p>\n<\/div>\n

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Three of \u200chis fellow Federal Open Market \u200cCommittee members dissented against a decision to hold interest rates unchanged, preferring they be raised, according \u2060to the \u2060policy statement released on Wednesday by the U.S. central bank.<\/p>\n<\/div>\n

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No Fed leader \u200bsince 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.<\/p>\n<\/div>\n

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Arthur Burns had three FOMC members vote against his very \u200bfirst policy decision in February 1970. And Paul Volcker had two members object at his \u2060first \u2060meeting \u2014 then four at his \u2060second.<\/p>\n<\/div>\n

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More recently, \u200bJanet Yellen had a dissenting vote at her first meeting in March 2014, when the \u200bFed’s benchmark interest rate was \u2060held near zero but extensive new forward guidance was introduced that drew opposition from then-Minneapolis Fed President Narayana Kocherlakota.<\/p>\n

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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 \u2060to start his term before the first dissent was lodged in June 2019, his \u206011th meeting as head of the central bank.<\/p>\n<\/div>\n

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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.<\/p>\n<\/div>\n

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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.<\/p>\n

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Kevin Warsh \u2014 July 2026 (second \u2060meeting, 3)\u00a0\u00a0\u00a0\u00a0<\/p>\n<\/div>\n

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Jerome Powell \u2014 June 2019 (11th meeting, 1)<\/p>\n<\/div>\n

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Janet Yellen \u2014 March 2014 (first meeting, 1)<\/p>\n<\/div>\n

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Ben Bernanke \u2014 August 2006 (fourth meeting, 1)<\/p>\n<\/div>\n

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Alan Greenspan \u2014 December 1987 (fourth meeting, 2)<\/p>\n<\/div>\n

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Paul Volcker \u2014 August 1979 (first meeting, 2)<\/p>\n<\/div>\n

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G. William Miller \u2014 May 1978 (fourth meeting, 2)<\/p>\n<\/div>\n

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Arthur Burns \u2014 February 1970 (first meeting, 3)\u00a0<\/p>\n<\/div>\n

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William McChesney Martin \u2014 November 1957 (63rd \u200bmeeting, 1)<\/p>\n<\/div>\n

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Thomas McCabe \u2014 none (19 meetings, May 1948-March 1951)<\/p>\n<\/div>\n

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Marriner Eccles \u2014 December 1938 (16th meeting, \u200b3)<\/p>\n<\/div>\n

<\/div>\n
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(Reporting by Dan Burns; Editing by Paul Simao)<\/p>\n<\/div>\n

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Copyright 2026 Thomson Reuters<\/b>.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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