Fed Chair Warsh’s First Hires Include ‘Project 2025’ Author

Federal Reserve Chair Kevin Warsh has made his first personnel moves since taking the helm, CNBC reported Tuesday. The two early Federal Reserve hires are conservative economic policy researchers with ties to both Warsh and the Trump policy world.

Who Warsh Brought In

The new chair appointed Paul Winfree and Daniel Heil as interim contractor advisers. Winfree is the author of the Federal Reserve chapter in the conservative policy blueprint “Project 2025.” Heil is a fellow at Stanford’s Hoover Institution, the same think tank where Warsh held a position before his Fed appointment. Both men are described as working on policy analysis and special projects in areas where they have previously collaborated with Warsh.

No permanent hires have been announced yet, according to a source familiar with the matter who requested anonymity to discuss sensitive personnel issues.

What Project 2025 Proposed for the Fed

Winfree’s chapter in the conservative policy document explored a range of structural reforms to the central bank. Among the ideas floated was eliminating the Fed’s dual mandate, the congressional directive requiring the institution to balance maximum employment against price stability. Winfree’s preferred alternative was a narrower focus on dollar protection and inflation restraint.

That position puts Winfree’s published views to the right of Warsh’s own stated positions. At his White House swearing-in last month, Warsh expressed support for honoring both sides of the existing dual mandate.

A Shift in Tone From ‘Breaking Heads’

Warsh arrived at the Fed as a self-styled reformer. During his campaign for the chairmanship, he called for “regime change” at the central bank and said achieving it would require “breaking some heads.” His language has since softened. At the May swearing-in ceremony, he framed his leadership goal around creating conditions for staff to do their best work.

Warsh previously served as a Fed governor during the 2007 to 2008 financial crisis under then-Chair Ben Bernanke, giving him direct institutional experience alongside his outsider critique. His broader advisory circle includes former Secretary of State Condoleezza Rice, investor Stanley Druckenmiller, and Chevron CEO Mike Wirth. Critics have noted that relatively few of his close advisers carry central banking backgrounds.

The Federal Reserve declined to comment on the appointments.

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