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The U.S. Senate votes to confirm Kevin Wash as a Federal Reserve Board member
Gold Financial reports that on May 13th, the Senate confirmed Kevin Wirth as a Federal Reserve Board member with a vote of 51 in favor and 45 against. Pennsylvania Senator John Fetterman was the only Democratic senator to support him.
The 56-year-old Wirth will also undergo a separate Senate vote for the position of Federal Reserve Chair. Current Chair Jerome Powell’s eight-year term will expire this Friday; however, during the renovation of the Federal Reserve headquarters and the federal investigation, Powell plans to remain on the Board.
Wirth has previously held investments in cryptocurrency and blockchain companies, and he has pledged to divest most of these holdings. As the Federal Reserve considers regulations related to stablecoins, bank custody of crypto assets, and digital payment systems, his background makes him a high-level candidate familiar with digital assets.