Kevin Warsh's bid to lead the Fed advances out of Senate Banking Committee

BlockBeats reports that on April 29 the U.S. Senate Banking Committee voted 13–11 to approve President Donald Trump's nominee, Kevin Warsh, to serve as the next Chair of the Federal Reserve, sending the nomination to the full Senate for a final vote. The committee split strictly along party lines, with Republicans backing the nomination and Democrats opposed. Nick Timiraos—often dubbed "the Fed's mouthpiece"—said it is unusual in recent years for a Fed chair nomination to move forward on a purely partisan vote. Jerome Powell previously drew broad bipartisan support for both of his chair confirmations. The committee action followed a delay tied to Republican Sen. Thom Tillis' concerns about a Justice Department probe involving Powell. The process restarted after the Department of Justice said it was ending the criminal investigation and referring the matter to the Fed's Inspector General. Democrats continued to warn that Warsh could weaken the central bank's independence. Sen. Elizabeth Warren, the panel's top Democrat, argued Warsh could become Trump's "political puppet." Markets generally expect confirmation is likely given Republicans' Senate majority. Powell's term as Fed Chair ends May 15.