President Donald Trump’s nominee for Fed Chair, Kevin Warsh, likely will be confirmed by the U.S. Senate this week ahead of current Chair Jerome Powell’s final day in that job on Friday.
Roll Call reported that Warsh’s nomination could clear the likely procedural hurdles as soon as Wednesday. According to C-Span, the Senate has scheduled a vote for Tuesday to confirm Warsh to the first of two Federal Reserve Board of Governors nominations.
The first is to be a member of the Federal Reserve for a term of 14 years from Feb. 1., and they may also vote to limit debate on his Fed Chair nomination.
Trump announced his intention to nominate Kevin Warsh to be the next Federal Reserve chair on Jan. 30. The formal nomination later was submitted to the Senate on March 4.
Senator Ended Threat
In late April, Sen. Thom Tillis, R-N.C., said would end his blockade of Warsh after the U.S. Department of Justice dropped its criminal investigation of Powell, who they were investigating over his testimony before Congress about cost-overruns on construction of a new Federal Reserve building.
With Tillis’s support, Warsh’s confirmation is all but assured.
Warsh cleared the Senate Banking Committee in a vote that followed party lines. The committee is composed of 13 Republicans and 11 Democrats.
Powell announced that he will stay on as a Fed Governor after he leaves the Chair position.
