PiCK
Senate Banking Committee Approves Kevin Warsh for Fed Chair, Sending Nomination to Full Senate
Summary
- Kevin Warsh’s nomination to serve as the next chair of the Federal Reserve cleared the U.S. Senate Banking Committee and now heads to a full Senate vote.
- Bloomberg reported that Warsh is now more likely to win confirmation by the full Senate before Jerome Powell’s term ends.
- Senator Elizabeth Warren said a vote to advance Warsh’s nomination was a vote to help President Donald Trump seize control of the Federal Reserve.
Forecast Trend Report by Period
Kevin Warsh’s nomination to serve as the next chair of the Federal Reserve cleared the U.S. Senate Banking Committee.
Bloomberg reported on April 29 that the panel approved Warsh’s nomination and sent it to the full Senate. If the full chamber confirms him, Warsh will become the next Fed chair. Bloomberg also reported that his chances of winning confirmation before Chair Jerome Powell’s term ends on May 15 have increased.
Warsh’s nomination had initially been held up by Republican Senator Thom Tillis. The hold was lifted after the U.S. Department of Justice agreed last week to temporarily pause its criminal investigation into renovation costs at the Fed’s Washington headquarters.
Some Democrats still oppose the nomination. Walter Bloomberg reported that Senator Elizabeth Warren said on April 29 that a vote to advance Warsh’s confirmation process was "a vote to help President Donald Trump seize control of the Fed."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
