Senate Banking Committee Advances President Trump's Nominee for Federal Reserve Chair
The Senate Banking Committee has approved Kevin Warsh's nomination to become the next Federal Reserve chair, marking a significant step toward his confirmation. This decision follows Sen. Thom Tillis (R-North Carolina) dropping his block of the nominee after the Justice Department closed a criminal investigation into outgoing Chair Jerome H. Powell. Warsh, a former Fed governor and Morgan Stanley banker, is set to succeed Powell, whose term expires on May 15. Warsh has pledged independence from the White House, despite President Trump's expectations for immediate interest rate cuts. The committee's vote was along party lines, 13-11, and Warsh's confirmation by the full Senate is anticipated given the Republican majority. 
