The US Senate has confirmed Kevin Warsh as the 17th chair of the Federal Reserve in a 54–45 partisan vote, succeeding Jerome Powell. His tenure begins amid rising inflation and geopolitical tensions. Warsh is expected to push structural reforms including balance sheet reduction and fewer policy meetings, though authority remains committee-based.
Washington DC: The Senate on Wednesday (local time) confirmed Kevin Warsh to serve as the 17th chair of the Federal Reserve, as he succeeds Jerome Powell.
CNN Business reported that Warsh was confirmed in a 54-45 vote, which was split along party lines, with only Democratic Senator John Fetterman of Pennsylvania crossing the aisle to vote in favour of Warsh's nomination.
Warsh's first meeting as Fed chair is set for June 16-17, with former Fed Chair Powell retaining a seat as governor for now.
It further reported that the vote was the most partisan for a Fed chair nominee in history.
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