With 54 senators voting in favour and 45 against, the US Senate has formally confirmed Kevin Warsh as the next Chair of the US Federal Reserve, with a four-year term.
US President Trump nominated Warsh in January to serve as the next Federal Reserve Chair.
The current Chair, Jerome Powell, whose term ends on May 15. Since federal prosecutors launched a criminal investigation in early January into a renovation project of the Federal Reserve building, there have been concerns about political interference with the Fed's independence, which temporarily stalled Warsh's confirmation in the Senate committee.
Powell's term as a Federal Reserve Board Governor runs until late January 2028. He has indicated that after stepping down as Chair, he will remain in his role as a governor.
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