The Senate moved a step closer to confirming Kevin Warsh, the nominee for chairman of the Federal Reserve Board, with a procedural vote Monday.
The Senate voted 49-44 to invoke cloture on Warsh’s nomination to the Fed board. The chamber will later need to take a distinct vote on his separate nomination as chair. Confirmation to both roles is expected this week. Sens. John Fetterman, D-Pa., and Chris Coons, D-Del., who voted to invoke cloture, were the only senators to cross party lines.
Warsh is slated to replace Jerome Powell, whose term as Fed chair ends on Friday. Powell, in a departure from recent Fed practice, said he will remain on the board because of uncertainty over whether the Justice Department will reopen an investigation into the cost of renovations at the Fed headquarters. Powell’s term on the board ends in 2028.
