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The Senate Banking Committee will hold an executive session to vote on the nomination of Kevin Wash as Federal Reserve Chairman.
On April 28, news reports indicated that with the Department of Justice ending its investigation into Powell, Republican Senator Tom Tillis dropped his obstruction of Waller’s nomination confirmation process for Federal Reserve Chair. The Senate Banking Committee ultimately decided to send Kevin Waller’s nomination for Federal Reserve Chair to the full Senate for a vote with a 13-11 vote. According to the official website of the U.S. Senate Banking Committee, the vote is scheduled for 10 a.m. Eastern Time on April 29.
On the same day, the Federal Open Market Committee will announce its latest interest rate decision. Current Chair Powell will hold his 63rd and possibly final press conference since taking over the Fed, following the meeting. Powell’s term as Fed Chair will expire on May 15, but his board term will continue until January 31, 2028. Whether Powell will also resign from the Federal Reserve Board has become a focus of market attention.