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U.S. Senate Vote to Confirm Warsh to Fed Board
(MENAFN) The US Senate voted Tuesday to confirm Kevin Warsh as a member of the Federal Reserve Board of Governors, advancing President Donald Trump's preferred candidate a critical step toward assuming leadership of the nation's central bank.
Lawmakers approved Warsh's appointment by a 51-45 margin, granting him a 14-year seat on the Fed's governing board.
Tuesday's confirmation, however, covers only his board membership. A separate Senate vote is still required to confirm Warsh as Chair of the Board of Governors — a four-year appointment that would see him succeed incumbent Jerome Powell at the helm of the world's most closely watched central bank.
The full Senate vote followed the Senate Banking Committee's narrow 13-11 party-line approval of Warsh's nomination last week — a threshold only reached after Republican Senator Thom Tillis reversed his earlier opposition to the pick.
Tillis had previously threatened to stall Warsh's nomination in committee, conditioning his support on the Justice Department shutting down its inquiry into Powell over alleged cost overruns tied to renovation work at the Federal Reserve's Washington, DC, headquarters. The Justice Department subsequently closed the investigation, redirecting the matter to Federal Reserve Inspector General Michael Horowitz — a move that gave Tillis the cover he needed to back the nomination.
Warsh's anticipated ascension to the Fed chairmanship arrives at a charged moment, with the Trump administration actively pushing for lower borrowing costs, sweeping tax reductions and broad deregulation — an agenda that has placed the Federal Reserve's policy independence under intense scrutiny from global markets.
Powell's tenure as Fed chair is due to expire this week.
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