The Federal Reserve has a new captain at the helm.
Kevin Warsh just got confirmed as Chair of the Federal Reserve, and America’s Credit Unions is rolling out the welcome mat—along with some pretty clear priorities for what needs to happen next.
The message from Scott Simpson, President and CEO of America’s Credit Unions, was straightforward: affordability is still squeezing everyday Americans, and Warsh’s track record at the central bank makes him the right person to tackle it.
“America’s Credit Unions congratulates Kevin Warsh on his confirmation to serve as chairman of the Federal Reserve,” Simpson said. “Affordability remains a concern for hard working Americans and Warsh’s previous experience will be critical as the central bank works to create stability and bolster consumer confidence in the economic system.”
Translation? People are still feeling the pinch when they open their wallets, and the Fed’s next moves matter—a lot. Warsh isn’t exactly new to the game, having served on the Fed’s Board of Governors before. That institutional knowledge could prove invaluable as he navigates what’s shaping up to be a challenging economic landscape.
Simpson also made it clear that America’s Credit Unions isn’t just sending a congratulatory card and calling it a day. The organization is looking to maintain its solid working relationship with the Fed to make sure monetary policy doesn’t accidentally kneecap the 146 million Americans who rely on credit unions for their banking needs.
“America’s Credit Unions looks forward to continuing our strong relationship with the Federal Reserve to ensure monetary policies support the success of credit unions and their 146 million members,” Simpson added.
Bottom line: there’s a new sheriff in town at the Fed, and credit unions are ready to partner up to keep the financial system working for regular folks, not just Wall Street types.