The United States Senate has officially confirmed Kevin Warsh, President Donald Trump’s nominee, to serve as the next Chairman of the Federal Reserve.
It has been reported that Kevin Warsh, nominated by U.S. President Donald Trump to lead the Federal Reserve (Fed), has successfully received confirmation from the Senate. Warsh is set to replace the current Fed Chair, Jerome Powell, whose official term is scheduled to conclude this Friday. The appointment of Warsh to the head of the central bank was ratified in a Senate vote with 54 in favor and 45 against.
WARSH TO TAKE THE HELM FROM JEROME POWELL
Warsh will take over the leadership seat at the Central Bank from Jerome Powell, whose formal tenure as Chair expires on May 15. Although stepping down from the chairmanship, Powell is expected to remain at the Federal Reserve as a member of the Board of Governors. Following his upcoming swearing-in ceremony, Warsh will begin a four-year term and is slated to preside over the next Federal Open Market Committee (FOMC) meeting scheduled for June 16-17.