Senate confirms Kevin Warsh as Fed governor, clearing path to become chair
Summary
The Senate confirmed Kevin Warsh as a Federal Reserve governor with a 51-45 vote, moving him closer to becoming the Fed's chair. President Trump supports Warsh to replace Jerome Powell as the central bank's leader, and a separate vote on Warsh's chairmanship is expected soon.Key Facts
- Kevin Warsh was confirmed by the Senate to a 14-year term as a Fed governor.
- A separate Senate vote will decide if Warsh becomes chair of the Federal Reserve.
- Warsh would replace Jerome Powell, whose term as Fed chair ends soon.
- Warsh previously served as a Fed governor during the global financial crisis.
- He has criticized some Fed policies and indicated he may support lowering interest rates.
- President Trump has pushed for Fed rate cuts and criticized Powell’s approach.
- Senate Republicans delayed Fed confirmations due to a criminal probe of Powell, but the investigation is expected to end.
- Warsh promised to keep the Fed’s interest rate decisions independent of political influence.
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