Federal Reserve Chair Nominee Jerome Powell's Confirmation Receives "On the Line" Approval from Senate Banking Committee, Next Step is Full Senate Vote

Wednesday, April 29 The U.S. Senate Banking Committee on Wednesday approved Kevin Warsh’s nomination as the next Federal Reserve chair in a 13-11 vote, as proposed by President Trump. The nomination now heads to the full Senate for a final vote. The vote revealed a clear partisan split: all Republican members supported the nomination, while all Democratic members opposed it. Nick Timiraos—widely known as the "Fed Whisperer"—noted this is a rare party-line vote for a Federal Reserve chair nomination in recent years; Jerome Powell’s two prior chair nominations earned broad bipartisan backing. Earlier, Republican Senator Thom Tillis had blocked advancing the nomination over Justice Department (DOJ) investigations involving Powell. The process resumed after the DOJ announced it was terminating the criminal probe and referring the matter to the Federal Reserve Inspector General. On the Democratic side, ongoing concerns persist that Warsh could undermine the Fed’s independence. Senate Banking Committee Democratic Leader Elizabeth Warren criticized Warsh, suggesting he could become a "political puppet" for Trump. Markets broadly expect Warsh will be smoothly confirmed, given Republicans hold a Senate majority. Current Fed Chair Powell’s term officially expires May 15.