Senate confirms Trump pick Warsh as chairman of the Federal Reserve, following Powell

"Warsh was confirmed Wednesday in a largely party-line vote. His nomination had been thrown into doubt in recent months after Republican Sen. Thom Tillis of North Carolina said he would block the nomination while the Justice Department investigated Fed Chair Jerome Powell. The Powell probe was dropped in April, clearing the way for the Senate to confirm Warsh."

"Senate Majority Leader John Thune, R-S.D., urged colleagues to support Warsh during a floor speech Wednesday morning, saying it's critical that a Fed chair "understand not only the macro" but also "appreciate the microeconomy: and that's the hardworking Americans, their jobs and their livelihoods." "Kevin Warsh is just such a person," Thune said."

"Warsh, 56, a former top Fed official, will become chair at an unusually difficult time for the independent agency. Inflation has topped the Fed's 2% target for five years and is now rising faster because of spiking gas prices. The Fed's interest rate-setting committee is divided and saw the most dissenting votes in more than three decades last month. And Powell, after years of personal attacks from the Republican president and an unprecedented legal investigation by the Justice Department, plans to stay on the Fed's board even after his term as chair ends, potentially creating a competing power center."

Kevin Warsh was confirmed by the Senate in a largely party-line vote to lead the Federal Reserve. His nomination had faced uncertainty after a Republican senator said he would block it while the Justice Department investigated Fed Chair Jerome Powell, but the probe was dropped in April, allowing confirmation. Senate Majority Leader John Thune urged support, emphasizing the need for a chair who understands both macroeconomics and the microeconomy affecting working Americans, jobs, and livelihoods. Warsh, 56, will take over at a difficult time for the independent agency. Inflation has stayed above the 2% target for five years and is rising again due to higher gas prices. The rate-setting committee is divided, with unusually many dissenting votes, and Powell plans to remain on the board after his chair term ends, potentially creating a competing power center. Trump has repeatedly attacked Powell and demanded changes at the Federal Reserve.

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