The Senate voted on Wednesday to confirm Kevin Warsh to succeed Jerome Powell as Fed chair. Powell's term as Fed chair is scheduled to expire on Friday. And President Donald Trump would like Warsh to cut interest rates as soon as June 16-17, at the next Fed meeting.
But decisions about the federal funds rate are made by a committee. And the Fed chair is just one of 12 voting members of the Federal Open Market Committee. The FOMC includes the seven members of the board, the president of the Federal Reserve Bank of New York, and four other regional Fed bank presidents who serve one-year rotating terms.
