- The US Senate has confirmed Kevin Warsh as a Federal Reserve Governor, setting the stage for him to become the next Chair.
- Outgoing Chair Jerome Powell is breaking precedent by staying on the board, despite a contentious relationship with President Trump.
- Warsh’s confirmation followed a months-long delay by Senator Thom Tillis, linked to a Justice Department probe into Powell.
The US Senate officially confirmed Kevin Warsh to the Federal Reserve Board of Governors on Tuesday, marking a pivotal shift in the central bank’s leadership. This vote is the critical first step for Warsh to assume the role of Fed Chair, succeeding the embattled Jerome Powell.
However, the transition is unconventional, as current Chair Powell has chosen to remain on the board as a Governor. Consequently, Warsh will fill the seat left by Stephen Miran, who was appointed after Adriana Kugler’s early departure amid an ethics probe. Meanwhile, President Trump, who pushed Warsh to the front of the line, has publicly clashed with Powell for months.
Furthermore, this confirmation concludes a political standoff with Senator Thom Tillis, who held the nomination. Tillis blocked the process in response to the Justice Department’s criminal investigation of Powell over testimony regarding renovations. That investigation centered on “testimony he delivered to the Senate about the costly renovation of the Fed’s headquarters in Washington.”
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