Kevin Warsh set to clear key Senate hurdle to replace Fed chair Powell
Summary
Kevin Warsh, chosen by President Donald Trump to lead the Federal Reserve, is expected to pass a key Senate committee vote that will send his nomination to the full Senate for approval. Warsh aims to replace current Fed Chair Jerome Powell, who is leading his last meeting as chair while a recent criminal investigation into him has ended.Key Facts
- Kevin Warsh is President Trump’s pick to replace Jerome Powell as Federal Reserve chair.
- The Senate banking committee plans to vote to advance Warsh’s nomination to the full Senate.
- All 13 Republican committee members are expected to support Warsh, while the 11 Democrats plan to oppose him.
- Senator Thom Tillis withdrew his opposition after the Department of Justice ended a criminal probe into Powell.
- The Federal Reserve’s main interest rate is currently at 3.50%-3.75%, and no changes are expected at Powell’s last policy meeting.
- If confirmed, Warsh could take over as Fed chair by May 15 when Powell’s term ends.
- It is unclear if Powell will leave the Fed entirely or remain on the board, and there is talk that President Trump might try to remove him.
- Powell’s criminal investigation was seen by him and others as politically motivated pressure from the Trump administration.
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