Paul Winfree and Daniel Heil join as interim contractors, signaling the early direction of Warsh's reform agenda at the Fed
Kevin Warsh has made his first personnel moves at the Federal Reserve, appointing two conservative policy veterans just days after his May 22, 2026 swearing-in. The selections signal the early shape of what Warsh has repeatedly called a "regime change" at the central bank.
Paul Winfree, author of the Federal Reserve chapter in the Heritage Foundation's Project 2025 policy blueprint, will join as a temporary contractor alongside Daniel Heil, a fellow at Stanford University's Hoover Institution. Both will advise Warsh on policy analysis and planning.
Neither has been appointed to a permanent staff role, according to a person familiar with the matter.
The hirings come roughly 11 days after Warsh was sworn in, the first Federal Reserve swearing-in held at the White House since Alan Greenspan in 1987.
The Senate confirmed Warsh on May 13, 2026, in a 54-45 vote, the narrowest confirmation margin in the modern era.
Read more: Key dates that will define Kevin Warsh's opening months as Fed chair
Conservative reform signals
Winfree brings an ambitious policy vision that in some areas goes further than anything Warsh has publicly endorsed.
His Project 2025 chapter called for eliminating the Fed's dual mandate, the congressional directive to balance employment and price stability, in favor of a narrower focus on protecting the dollar and restraining inflation.
Warsh, speaking at his swearing-in, came out in favor of honoring both sides of the dual mandate.
Before returning to the central bank, Warsh held a visiting fellowship at the Hoover Institution, the same Stanford think tank where Heil is based. The two have previously collaborated on conservative economic research.
Read more: Work cut out for Kevin Warsh as he takes control of the Federal Reserve
What the appointments mean for mortgage rates
Odeta Kushi, deputy chief economist at First American Financial in Washington, D.C., previously told Mortgage Professional America the transition at the top is unlikely to shift near-term policy. "Leadership changes in 2026 are unlikely to materially alter the Fed's policy direction," Kushi said.
Barry Habib, founder and CEO of MBS Highway in Holmdel, New Jersey, has taken a more optimistic view of the new leadership.
"This man is an expert in understanding the financial markets," Habib noted. "This is about as great a Fed chair choice as we could possibly have."
Amir Nurani, broker-owner at Left Coast Leaders in San Diego, California, urged caution about reading too much into the change at the top.
"The market doesn't realize that Kevin Warsh has a history of favoring higher rates," Nurani said.
Selma Hepp, chief economist at Cotality, said the structural changes Warsh brings to the role may matter more for mortgage rates than any single Federal Open Market Committee (FOMC) decision.
"He's in a bit of a pickle. There is this tug of war between the pressure to lower short-term rates, and on the flip side, his idea around bond holdings and how that is impacting higher long-term yields. We've already seen that play out in mortgage rates," Hepp explained.
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