Kevin Warsh was confirmed Tuesday as a Federal Reserve Governor by the U.S. Senate, a necessary step in President Donald Trump’s push to make Warsh the central bank’s chief.
The vote comes after months of uncertainty because of criminal investigation outgoing Chief Jerome Powell, whose term ends Friday.
The Senate voted 51-45 to confirm Warsh to a 14-year term as one of the Fed’s seven governors. The chamber still must vote separately to confirm Warsh as Chair of the Board of Governors, replacing Powell. That vote is expected later this week, CBS News aid.
Warsh’s term as Fed governor will run until 2040.
Warsh is taking the board seat held by Stephen Miran, a Trump adviser who was confirmed to the Fed last September to fill a vacancy created by an early resignation. His term technically ended in January, but Miran was allowed to remain on the board until his successor was confirmed.
Warsh Previously Was a Governor
Previously, Miran chaired the White House’s Council of Economic Advisers, and in an unusual move, took a leave of absence to serve on the Fed for a few months.
Warsh is returning to the Fed after a five-year stint as a governor that ended in 2011, spanning the global financial crisis, CBS said.
Since leaving the Fed, Warsh has worked as a Hoover Institution fellow and an adviser for billionaire investor Stanley Druckenmiller. Warsh’s net worth exceeds $100 million, and he is married to Jane Lauder, the billionaire granddaughter of cosmetics magnate Estée Lauder, CBS noted.
