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Kevin Warsh confirmed to US Federal Reserve board in close Senate vote
John Fetterman of Pennsylvania, a Democrat, joins Republicans to advance Warsh’s confirmation.Kevin Warsh has been confirmed by the United States Senate to join the Federal Reserve’s Board of Governors ahead of an expected vote that will have US President Donald Trump’s appointee lead the central bank.The Senate vote on Tuesday passed 51-45, with a single Democrat, John Fetterman of Pennsylvania, casting his vote with the Republican majority to confirm Warsh for a 14-year term.Recommended Stories list of 4 itemslist 1 of 4Trump-Xi meeting: Could China, US form a ‘G2’?list 2 of 4Pentagon gives new $29bn Iran war price tag, downplays munitions concernslist 3 of 4Can China counter US sanctions with its trade power?list 4 of 4EBay rejects GameStop’s $56bn bid as ‘neither credible nor attractive’end of listThe next step in the Senate confirmation process would be to confirm him for a four-year term as the central bank’s chair. The vote is expected as soon as Wednesday, ahead of the end of current Chair Jerome Powell’s term, which ends on Friday.Independence in questionWarsh’s confirmation comes with questions about the central bank’s independence amid ongoing pressure by Trump to cut interest rates. In the Senate Banking Committee confirmation, Senator Elizabeth Warren accused Warsh, who served on the central bank’s Board of Governors in 2006-2011, of being a “sock puppet” for Trump, an assertion he has denied.In December, Trump said he would only appoint someone to lead the central bank if they agreed with him on interest rates.But the Fed chair has only so much control. He is one of 12 votes on the interest-rate-setting Federal Open Market Committee, and is one of 19 voices at the policy-setting table.Warsh’s confirmation comes amid efforts this past year by the Trump administration to exert control over the Fed, including attempting to fire Fed Governor Lisa Cook in a case now before the Supreme Court, and support for a Department of Justice (DOJ) investigation into Powell’s management of a building renovation that a federal judge ruled was a pretext for pressuring Powell to cut rates or resign.The DOJ dropped its investigation, but its lead prosecutor in Washington says she could reopen it.Powell plans to take the unusual step of staying on as governor after his term as chair ends in response to the “series of legal attacks on the Fed which threaten our ability to conduct monetary policy without considering political factors”, he said last month.Changes ahe...
US Senate confirms Trump pick Kevin Warsh to Federal Reserve Board
The US Senate on Tuesday confirmed Kevin Warsh as a governor on the board of the Federal Reserve, clearing the way for him to take the reins of the central bank later this week as the world’s largest economy faces inflation at a three-year-high.The Senate voted 51-45 to confirm Warsh’s appointment to the board for a 14-year term, with the results largely along party lines.The Senate will hold a separate vote to confirm Warsh as the central bank’s chair, taking over from incumbent Jerome Powell, whose term finishes at the end of this week.US President Donald Trump has frequently insulted and criticised Powell, demanding the central bank lower interest rates faster, despite significant economic headwinds.US consumer inflation came in at its highest year-on-year level since 2023 on Tuesday, registering at 3.8 per cent in April, with significant increases in both energy and food prices.Warsh has backed lower interest rates, despite price increases having outpaced the Fed’s long-term 2 per cent target for years. The US labour market has also shown signs of weakness, with unemployment steady but job growth see-sawing between contraction and expansion for months.
Senate set to vote on Kevin Warsh's nomination to Federal Reserve Board ...
The US Senate on Tuesday voted 51-45 to approve Kevin Warsh as a governor on the Federal Reserve Board, the first step in a two-step process that would make him the next chair of the central bank.
Senate confirms Kevin Warsh as Federal Reserve governor, tees up final ...
The Senate voted Tuesday to confirm Kevin Warsh to the Federal Reserve's board of governors and also voted to advance his nomination to serve as chairman of the central bank, where he will have ...
