What has God put under the power of the King of the Kingdom?

God has put everything under the power of the King of the Kingdom. This King is the Messiah of Israel, the Son of God, the Savior of mankind, and the Head of the Body. The Kingdom has been ushered in, and all things are placed under His authority.

Les explains that the Kingdom has just been ushered in, and God has put everything under the power of the King of this Kingdom. That King is the Messiah of Israel, the Son of God, the Savior of mankind, and the Head of the Body. Les also points out that Christ is not the King of the Church; He is the Head of the Body. If believers were under a kingship, they could never be called joint heirs, because then they would be subjects.

1 Corinthians 15:25

For he must reign, till he hath put all enemies under his feet.

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Who is the King of the Kingdom that has been ushered in, and what has been put under His power?

The King of the Kingdom just ushered in is the Messiah of Israel, the Son of God, the Savior of mankind, and the Head of the Body. Everything has been put under His power. He is Head of the Body rather than King of the Church, so believers are joint heirs, not subjects.