Crypto-friendly Kevin Warsh advances toward Fed chair as Senate panel approves nomination

Kevin Warsh is one step closer to leading the Federal Reserve after the Senate Banking Committee approved his nomination in a narrow 13-11 vote on Wednesday.

The full Senate is expected to take up the matter in the coming days, as lawmakers race to install a new Fed chair before Jerome Powell’s term expires in mid-May.

Warsh’s nomination gained momentum after Republican Thom Tillis dropped his opposition following the closure of a Justice Department probe into Powell, clearing the path for a party-line confirmation in the Republican-controlled Senate.

The approval comes as the Fed prepares to hold interest rates steady at 3.5%–3.75% at what may be Powell’s final meeting as chair, with inflation still elevated amid ongoing disruptions to global oil markets.

Questions about Powell’s future linger. His board seat runs until 2028, and he has signaled he may stay on to protect the Fed’s independence, which could set up a potential clash with Trump.

This is a developing story. Please check back for further updates.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.