Senate panel advances Kevin Warsh’s nomination for US Fed chair
Summary
Kevin Warsh, chosen by President Donald Trump to lead the United States Federal Reserve, was approved by the Senate Banking Committee. His nomination now goes to the full Senate for a final vote that could happen as early as May 11.Key Facts
- Kevin Warsh is President Trump’s nominee to replace Jerome Powell as Federal Reserve chair.
- The Senate Banking Committee voted along party lines: 13 Republicans approved, 11 Democrats opposed.
- Jerome Powell’s current term as Fed chair ends on May 15.
- The full Senate will vote to confirm Warsh, possibly starting May 11.
- Senator Thom Tillis previously blocked Warsh’s nomination due to a DOJ investigation into Powell, but the investigation was dropped.
- Democrats worry Warsh will follow President Trump’s wishes too closely on interest rate decisions.
- President Trump has said he wants Powell off the Federal Reserve entirely after May 15.
- Stock market reactions were mixed after the committee’s approval of Warsh.
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