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Home – Political News – Warsh to Become Fed Chair Amid Historic Partisanship

Warsh to Become Fed Chair Amid Historic Partisanship

Kevin Warsh is poised to become chair of the Federal Reserve under unusual circumstances after a historically partisan vote cleared the way for him to succeed the departing chairman Jerome Powell, whose term as chair ends Friday.

The Senate confirmed Warsh for a 14-year term on the bank’s Board of Governors by a 51-45 vote Tuesday. Sen. John Fetterman of Pennsylvania was the only Democrat to cross the aisle in favor of Warsh.

Republican senators backed Warsh almost unanimously, but Sens. Shelley Moore Capito of West Virginia, Pete Ricketts of Nebraska, and Cindy Hyde-Smith of Mississippi did not vote.

The Senate then voted by the same margin to advance his nomination as chair of the Federal Reserve to replace the term-limited Powell.

Powell has said he intends to remain on the Board of Governors until he is certain the Department of Justice has dropped an investigation of alleged inconsistencies in congressional testimony about Federal Reserve building renovations, which he views as politically motivated attempt to influence monetary policy.

The department dropped the probe as Sen. Thom Tillis, R-N.C., who sits on the Senate Banking Committee, said he would not advance Warsh without its termination.

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