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

• Winfree and Heil are working as temporary contractors to support Warsh on policy analysis and special projects in areas where they have previously collaborated
• Winfree's 'Project 2025' chapter proposed ending the Fed's dual mandate to focus solely on protecting the dollar and restraining inflation, though Warsh has publicly supported maintaining both employment and price stability goals
• Warsh has relatively few advisers with Federal Reserve or major central bank experience, positioning himself as an insider-turned-critic after serving as Fed governor during the 2007-2008 financial crisis

Fed Chair Warsh Makes First Hires, Including 'Project 2025' Author

Key Developments:

Federal Reserve Chair Kevin Warsh has made his first two hires since his May 2026 swearing-in, appointing Paul Winfree and Daniel Heil as interim advisers to support policy analysis and special projects. Both are working as temporary contractors rather than permanent appointments.

Personnel Details:

• Paul Winfree: Author of the Federal Reserve chapter in conservative policy blueprint "Project 2025"; former Domestic Policy Council member in the first Trump administration; founder of the Economic Policy Innovation Center, a pro-Trump think tank.

• Daniel Heil: Fellow at Stanford's Hoover Institution, where Warsh previously held a position.

Policy Implications:

Winfree's "Project 2025" chapter proposed reforms more aggressive than Warsh's public statements, including eliminating the Fed's dual mandate (maximizing employment and stabilizing prices) in favor of focusing solely on "protecting the dollar and restraining inflation." However, Warsh has publicly supported maintaining both aspects of the dual mandate.

Market Context:

The hires signal potential conservative policy shifts at the Fed and will face intense scrutiny. Warsh, who served as Fed governor during the 2007-2008 financial crisis under Ben Bernanke, has positioned himself as an insider-turned-critic who previously advocated for "regime change" and "breaking some heads" at the central bank, though he has recently moderated his rhetoric.

Notably, Warsh has few close advisers with central banking experience, instead relying on a network including Condoleezza Rice, Stanley Druckenmiller, and Chevron CEO Mike Wirth.