Wosh’s nomination was approved by a Senate committee vote, taking him one step closer to becoming the Federal Reserve Chair.

Gold Financial reports: April 29, local time, on Wednesday, Kevin Wosh, the next Federal Reserve chair candidate nominated by U.S. President Trump, received support in the Senate Banking Committee with a 13-to-11 vote, clearing the way for his nomination to be confirmed before Jerome Powell’s term ends on May 15. The nomination will then be submitted for a full Senate vote. Wosh’s nomination had been repeatedly blocked earlier by Republican Senator Tom Tillis until, last week, the Department of Justice agreed to temporarily drop its criminal investigation into cost overruns for the renovation project at the Federal Reserve’s Washington headquarters. This vote is expected to make the prospect of the largest reshuffle in years at the U.S. central bank—under Wosh’s leadership—real. When seeking Trump’s nomination, Wosh had proposed a “regime change” scenario: he pledged to shrink the Fed’s $6.7 trillion balance sheet, set up a new inflation-management framework, and change how the central bank communicates with the public. However, he provided almost no details on how he would achieve these goals.