Senate confirms Kevin Warsh to Fed board ahead of expected Chair vote
Key takeaways
- John Fetterman (D-Pa.) was the only Democrat to support the nomination.
- Warsh still must win a separate Senate vote to become Fed chair, which is expected Wednesday.
- If confirmed as chair, Warsh, 56, will replace Jerome Powell, whose eight-year term leading the Fed ends Friday.
John Fetterman of Pennsylvania the only Democrat backing him.Warsh, 56, faces a separate Senate vote to become Fed chair as Jerome Powell’s eight-year term ends Friday, though Powell plans to remain on the board during a federal probe into Fed headquarters renovations.Warsh’s past investments in crypto and blockchain firms, which he has pledged largely to divest, position him as a Fed leader familiar with digital assets as the central bank weighs rules on stablecoins, bank crypto custody and digital payment systems.The Senate confirmed Kevin Warsh to the Federal Reserve Board of Governors on Tuesday, moving President Donald Trump’s pick one step closer to becoming the next chair of the U.S. central bank.
Lawmakers approved Warsh in a 51-45 vote. Sen. John Fetterman (D-Pa.) was the only Democrat to support the nomination.
Warsh still must win a separate Senate vote to become Fed chair, which is expected Wednesday. Governors serve 14-year terms while the chair serves a four-year term.