WASHINGTON—The Senate on Tuesday confirmed Kevin Warsh to a 14-year term on the Federal Reserve Board of Governors, clearing the way for a final vote expected as soon as Wednesday to make him chair of the central bank, according to POLITICO.
POLITICO reported the Senate approved Warsh’s nomination by a 51-45 vote that largely followed party lines. Sen. John Fetterman was the only Democrat to support the nomination of the former Fed governor and Wall Street banker, who is viewed as an ally of President Donald Trump.
Warsh’s advancement puts him on track to become the next Fed chair at a time when financial markets and financial institutions remain closely focused on inflation, interest-rate policy and the future direction of the U.S. economy.