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Wass confirmed by the U.S. Senate to serve as the next Federal Reserve Chair
After a vote by the U.S. Senate, Kevin Warsh was confirmed as the next Chair of the Federal Reserve, succeeding Powell as the head of the central bank. The vote result was 54 in favor and 45 against.
On January 30 this year, President Trump nominated Warsh to serve as Chair of the Federal Reserve, replacing the current Chair, Powell. Powell’s term as Fed Chair will end on Friday (the 15th).
Warsh is a lawyer, a financier, and a former Federal Reserve Board governor. He will lead the Federal Reserve. At present, the Federal Reserve’s political independence is facing pressure from the government, which is demanding that the central bank implement the rate-cut measures requested by President Trump.
Trump has unprecedentedly attempted to control the Federal Reserve, including trying to remove Fed governor Cook, a case that has now been submitted to the Supreme Court for review. Trump also supports the Department of Justice launching an investigation into the renovation project of the Federal Reserve headquarters managed by Powell. A federal judge ruled that the renovation project was a pretext for Trump to pressure Powell into cutting rates or resigning.