Senate committee set to vote on Kevin Warsh's nomination for Fed chair
Summary
The Senate Banking Committee will vote on Kevin Warsh’s nomination to become chair of the Federal Reserve after Jerome Powell’s term ends in May. If approved by the committee, Warsh’s nomination will go to the full Senate for confirmation, potentially making him the next Fed chair.Key Facts
- The Senate Banking Committee will vote Wednesday morning at 10 a.m. ET on Kevin Warsh’s nomination.
- Warsh is President Trump’s pick to replace Jerome Powell as Federal Reserve chair.
- A majority vote in the committee is needed to advance Warsh’s nomination to the full Senate.
- The full Senate needs a simple majority to confirm Warsh as the 17th Fed chair since 1913.
- The vote comes the same day as a Federal Reserve meeting expected to keep interest rates steady.
- Senator Thom Tillis initially opposed Warsh’s nomination, wanting an investigation into Powell to finish first.
- The investigation into Powell’s office renovation ended, and Tillis said he would support moving forward with Warsh’s nomination.
- Warsh has promised to act independently and not let President Trump influence interest rate decisions.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.