The Senate in a 54–45 Wednesday vote confirmed Kevin Warsh as the chair of the Federal Reserve.
Senator Elizabeth Warren (D-MA) lead the Democratic attack on confirming Warsh, alleging that Republicans would regret aiding “President Trump’s Fed takeover by installing Mr. Warsh.”
Warsh will be sworn in later this week to replace Jerome Powell, who intends to remain on the Board of Governors after his eight-year term concludes. Warsh insisted throughout his confirmation hearings that he did not make promises of rate cuts to President Donald Trump, but maintained that the nation’s central bank had failed in reaching its policy goals in recent years.
Warsh is expected to act as an ally to the president alongside Trump’s previous nominee and economic advisor Stephan Miran.
Senator John Fetterman (D-PA) was the only Democrat to cross party lines and vote to confirm Warsh.
Read the full article here
