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The U.S. Senate approves Kevin Warsh to serve as Federal Reserve Chair
Golden Finance reports that on May 14, the U.S. Senate confirmed Wossh as the Federal Reserve Chair with a vote of 54 to 45. The Senate had previously approved Wossh to serve as a Federal Reserve Board member on the 12th for a term of 14 years. With the chair appointment approved on the 13th, Wossh will officially take office after completing the relevant signing procedures at the White House, succeeding the current chair, Powell, whose term ends this Friday (May 15). However, Powell is expected to remain on the Federal Reserve Board. This vote was the most divisive along party lines in history: only one Democrat—Pennsylvania Senator John Fetterman—voted in favor alongside the Republican majority.