economy
Senate confirms Kevin Warsh as Fed governor, clears way for chair vote
The upper chamber voted to approve Warsh's nomination by a 51-45 vote, on a mostly party-line basis.
TL;DR
- Kevin Warsh cleared a key Senate vote, moving him closer to becoming Federal Reserve chair.
- The Senate approved Warsh's nomination by a 51-45 vote, mostly along party lines.
- Warsh previously served on the Fed's Board of Governors from 2006 to 2011.
- His nomination now proceeds to a vote for the chair position, expected the following day.
- This confirmation also signifies the end of Stephen Miran's term on the board.
- Warsh faces a challenging policy environment, with inflation pressures from the Iran war and tariffs, and an inconsistent labor market.
- He has previously advocated for a 'regime change' at the Fed and suggested lower benchmark interest rates.