Senate Confirms Kevin Warsh as Federal Reserve Board Member

The Senate has confirmed Kevin Warsh as a member of the Federal Reserve Board during a meeting on Tuesday, marking a significant move in President Donald Trump’s efforts to replace Jerome Powell as Chairman. Warsh’s nomination passed by a vote of 51-45, with Sen. John Fetterman from Pennsylvania being the only Democrat to support it.

There will be a separate vote to officially appoint Warsh to succeed Powell, whose four-year term concludes this Friday. That vote is anticipated to occur later this week.

Warsh is set to fill the board seat previously held by Stephen Milan, who was appointed by Trump and has been allowed to stay until a newcomer is appointed. Powell, on the other hand, has indicated that he will remain on the board for an unspecified time. It’s worth noting that President Trump has consistently hinted at removing Powell if he opts not to resign, mentioning to Fox News that Powell should be “removed” if he chooses to stay.

In a recent development, the Department of Justice (DOJ) has closed a criminal probe into Powell linked to a Federal Reserve Building renovation that went over the estimated $2.5 billion budget. However, Republican Sen. Thom Tillis from North Carolina has pledged to oppose Warsh’s nomination until the DOJ concludes its investigation involving Powell.

During his confirmation hearing, Warsh stressed the importance of the Fed’s independence, especially as Democrats have raised concerns regarding Powell allegedly taking directives from Trump. Warsh assured that he would not be “Trump’s human sock puppet” and stated he wouldn’t be taking orders from the President.