The United States Senate confirmed Kevin Warsh as the next chairman of the Federal Reserve (Fed), approving President Donald Trump’s nominee to replace Jerome Powell.
Warsh was confirmed by 54 votes in favor and 45 against, with the narrow majority of Republicans being enough to ensure his appointment.
He will take office for a four-year term, formally replacing Powell after eight years as the latter’s chairman.
Warsh’s first meeting as head of the central bank is scheduled for June 16 and 17.
During the confirmation process, Warsh pledged to bring “regime change” to the Federal Reserve. He has criticized the institution for being too political and too open in the way it communicates its decisions.
Meanwhile, Powell will remain on the Board of Governors.
At his last news conference as president last month, Powell congratulated Warsh and said he would support him in any way possible, although he stepped back to allow the new president to take the lead.
Warsh is no stranger to the central bank. He served on the Board of Governors of the Federal Reserve from 2006 to 2011.
During that period, he represented the Federal Reserve in the Group of Twenty and acted as the board’s envoy to emerging and advanced economies in Asia.
He also served as administrative governor, responsible for the board’s operations, staff and financial performance.
Before joining the Federal Reserve board, Warsh worked in the White House from 2002 to 2006.
His roles there included Special Assistant to the President for Economic Policy and Executive Secretary of the White House National Economic Council. Previously, he worked in the mergers and acquisitions department at Morgan Stanley in New York, where he served as vice president and managing director.
“Kevin Warsh Confirmed as Next Federal Reserve Chairman” was created and originally published by The Accountant, a brand owned by GlobalData.
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