The Senate on Tuesday confirmed Kevin Warsh's nomination to the Federal Reserve Board of Governors by a 51-45 margin, installing him to serve a 14-year term on the central bank's board.
A distinct vote on whether Warsh will serve as Federal Reserve chair is expected later this week. Lawmakers plan a procedural vote shortly to advance his nomination to succeed Jerome Powell as chairman, and the final confirmation vote for the chairmanship is likely to occur Wednesday. The chair's appointment carries a four-year term.
Senators were largely divided along party lines in Tuesday's roll call. One Democrat, John Fetterman of Pennsylvania, crossed party lines to join Republicans in supporting Warsh's confirmation to the board.
Warsh's elevation to the board comes as President Donald Trump continues to press the Federal Reserve to cut interest rates. Inflation surged in April, driven in particular by higher prices for fuel, food and rent, a backdrop that shapes the policy debate.
The path to confirmation was affected by a separate development tied to a Department of Justice inquiry. Senator Thom Tillis of North Carolina lifted his hold on confirming Fed nominations after the DOJ announced it had closed a criminal inquiry into Powell related to cost overruns in the Federal Reserve's building renovations. Tillis, Powell and many Democrats characterized the investigation as an attempt by the Trump administration to put pressure on Powell to lower interest rates more rapidly.
Most Senate Democrats opposed Warsh's nomination on the grounds that he may not safeguard the central bank's independence in monetary policymaking. Democrats also expressed continued dissatisfaction with President Trump's efforts to remove Fed Governor Lisa Cook.
In public remarks during the confirmation process, Warsh has repeatedly pledged that he would act independently if confirmed as Fed chair.
Context and next steps
With Warsh now confirmed to the board, attention turns to the separate chair vote later this week. The procedural step expected shortly will determine whether the full Senate proceeds to the decisive chair confirmation likely scheduled for Wednesday. If confirmed as chair, Warsh would assume a four-year leadership term at the Federal Reserve while retaining his 14-year board appointment.