US Senate confirms Fed Chair

The US Senate has confirmed Kevin Warsh, nominated by Donald Trump for the Fed Chairmanship, as the Chair of the Federal Reserve.

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Warsh's Fed chairmanship was approved in a Senate vote of 54 to 45.

Thus, Warsh will take over the leadership seat at the Central Bank from the current Fed Chair Jerome Powell, whose official term ends on May 15. Powell will continue to remain at the Fed as a member of the Board of Governors.

Following his swearing-in ceremony, Warsh is expected to begin his four-year term and preside over the next Federal Open Market Committee (FOMC) meeting to be held on June 16-17.

US President Trump announced on January 30 that he had nominated former Fed Board Member Warsh for the Fed chairmanship.

The 56-year-old Warsh, a graduate of Stanford University and Harvard Law School, previously served on the Fed Board of Governors from 2006 to 2011.

The US Senate had also confirmed Warsh's membership on the Fed Board of Governors yesterday with a vote of 51 to 45.

News Source: 12punto