{"id":5877,"date":"2026-05-13T17:32:54","date_gmt":"2026-05-13T17:32:54","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=5877"},"modified":"2026-05-13T17:32:54","modified_gmt":"2026-05-13T17:32:54","slug":"senate-is-set-to-confirm-trump-pick-warsh-as-chairman-of-the-federal-reserve-following-powell","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=5877","title":{"rendered":"Senate is set to confirm Trump pick Warsh as chairman of the Federal Reserve, following Powell"},"content":{"rendered":"

By CHRISTOPHER RUGABER<\/strong><\/p>\n

WASHINGTON (AP) \u2014 The Senate on Wednesday is set to confirm President Donald Trump\u2019s nominee to lead the Federal Reserve, Kevin Warsh, bringing new leadership to the world\u2019s most powerful central bank at a fraught moment for the global economy.<\/p>

Read more Gunfire breaks out in Philippine Senate where authorities tried to arrest a senator<\/a><\/p>\n

Warsh\u2019s confirmation was thrown into doubt in recent months after Republican Sen. Thom Tillis of North Carolina said he would block the nomination while the Justice Department investigated Fed Chair Jerome Powell. The Powell probe was dropped in April, clearing the way for the Senate to confirm Warsh.<\/p>\n

Warsh, 56, a former top Fed official, is becoming chair at an unusually difficult time for the independent agency.<\/p>\n

Inflation has topped the Fed\u2019s 2% target for five years and is now rising faster because of spiking gas prices. The Fed\u2019s interest rate-setting committee is divided and saw the most dissenting votes in more than three decades last month. And Powell, after years of personal attacks from the Republican president and an unprecedented legal investigation by the Justice Department, plans to stay on the Fed\u2019s board even after his term as chair ends, potentially creating a competing power center.<\/p>\n

The Senate is expected to vote on Warsh\u2019s confirmation on Wednesday afternoon, a day after approving his nomination to the Fed\u2019s Board of Governors. Pennsylvania Sen. John Fetterman was the lone Democrat to side with Republicans in confirming him to the board.<\/p>\n

The Fed has faced numerous threats to its independence from Trump, who has repeatedly attacked Powell for not cutting interest rates. Trump also sought to fire Fed governor Lisa Cook and launched an investigation into brief Senate testimony by Powell on a building renovation.<\/p>\n