A CNBC assessment of Warsh's first 127 days on September 25 2026 found his regime change moving fast on visible items within his control but constrained on larger institutional reforms by the economy and by colleagues. The Committee has not acted on shrinking the $6.7 trillion balance sheet, a Warsh priority since 2011, and Governor Barr has said shrinking it is the wrong objective and that many proposals would undermine bank resilience, impede money-market functioning and threaten financial stability. The same governor who backs further hikes opposes the balance-sheet leg of the regime.