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US Senate Confirms Kevin Warsh as Federal Reserve Governor in Key Vote
(MENAFN) The US Senate voted Tuesday to confirm Kevin Warsh as a member of the Federal Reserve Board of Governors, advancing President Donald Trump’s pick closer to potentially leading the nation’s central bank.
Warsh secured confirmation with a 51-45 vote, granting him a 14-year position on the board.
According to reports, the approval only applies to his role as a governor on the Federal Reserve Board. Lawmakers are still expected to hold another vote regarding his separate nomination to serve a four-year term as chair of the Board of Governors, replacing Jerome Powell.
The Senate action came after the Banking Committee backed Warsh’s nomination last week in a narrow 13-11 vote divided along party lines, following Republican Sen. Thom Tillis withdrawing his earlier objections.
As stated by reports, Tillis had previously warned he would prevent the nomination from progressing unless the Justice Department concluded its inquiry into Powell concerning renovation work at the Federal Reserve headquarters in Washington and claims of excessive spending tied to the project.
The Justice Department later ended the investigation and requested Federal Reserve Inspector General Michael Horowitz to examine the issue further, a move that ultimately allowed Tillis to support advancing Warsh’s nomination.
Warsh secured confirmation with a 51-45 vote, granting him a 14-year position on the board.
According to reports, the approval only applies to his role as a governor on the Federal Reserve Board. Lawmakers are still expected to hold another vote regarding his separate nomination to serve a four-year term as chair of the Board of Governors, replacing Jerome Powell.
The Senate action came after the Banking Committee backed Warsh’s nomination last week in a narrow 13-11 vote divided along party lines, following Republican Sen. Thom Tillis withdrawing his earlier objections.
As stated by reports, Tillis had previously warned he would prevent the nomination from progressing unless the Justice Department concluded its inquiry into Powell concerning renovation work at the Federal Reserve headquarters in Washington and claims of excessive spending tied to the project.
The Justice Department later ended the investigation and requested Federal Reserve Inspector General Michael Horowitz to examine the issue further, a move that ultimately allowed Tillis to support advancing Warsh’s nomination.
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