US Senate approves Kevin Warsh for Fed Board, chair confirmation next

The Senate confirmed Kevin Warsh's nomination to the Federal Reserve Board of Governors Tuesday, with the chamber expected to confirm him separately as chair later this week.

The 51-45 Senate vote Tuesday grants Warsh a 14-year term on the central bank's board. The Senate plans a procedural vote shortly to pave the way for a vote on Warsh's confirmation to succeed Jerome Powell as chairman.

The confirmation vote on the chairmanship is likely to occur onWednesday for a four-year.


Senators largely split along party lines, with Democrat John Fetterman of Pennsylvania joining Republicans in support of Warsh's confirmation.

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Warsh's confirmation comes as President Donald Trump continues to push the Federal Reserve to slash interest rates. That will be harder for the Fed, however, with inflation surging in April.

Warsh's confirmation has been all but guaranteed since Senator Thom Tillis, a North Carolina Republican, lifted his blockade on confirming Fed nominations. Tillis acted after the Department of Justice announced it had ended a criminal inquiry of Powell related to cost overruns in the Federal Reserve's building renovations.

Tillis, Powell and many Democrats portrayed the criminal investigation of the Fed chair as an attempt by the Trump administration to pressure him to lower interest rates more quickly.

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