Kevin Warsh moves one step closer to becoming next Fed chair
Fox Business • • business
Key Points:
- The Senate Banking Committee voted 13-11 to advance Kevin Warsh's nomination for Federal Reserve chair to the full Senate, following Sen. Thom Tillis lifting his opposition after the Justice Department ended its investigation related to Fed Chair Jerome Powell.
- Warsh, a former Fed governor from 2006 to 2011, was nominated to succeed Jerome Powell, whose term ends on May 15, 2026, with a confirmation vote potentially occurring soon.
- Democrats, led by Sen. Elizabeth Warren, oppose Warsh's nomination, criticizing his past tenure and accusing him of being overly influenced by former President Trump.
- Sen. Tillis expressed confidence in the investigation's closure and defended Warsh against Democratic criticisms, emphasizing the importance of Fed independence.
- Powell is expected to deliver his final press conference as Fed chair after the Federal Open Market Committee announces its interest rate decision, with rates likely to remain unchanged amid inflation concerns.
