The Senate on Tuesday voted 51-45 to confirm Trump nominee Kevin Warsh as Fed Governor, clearing the way to replace Jerome Powell.
Powell’s 4-year term as Fed Chair ends on Friday.
The Senate is expected to vote to confirm Warsh as Fed Chair on Friday.
President Trump announced Kevin Warsh’s nomination in January:
“I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Kevin currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, and Lecturer at the Stanford Graduate School of Business.
He is a Partner of Stanley Druckenmiller at Duquesne Family Office LLC. Kevin received his A.B. from Stanford University, and J.D. from Harvard Law School.
He has conducted extensive research in the field of Economics and Finance. Kevin issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom. Parliament adopted the Report’s recommendations.
Kevin Warsh became the youngest Fed Governor, ever, at 35, and served as a Member of the Board of Governors of the Federal Reserve System from 2006 until 2011, as the Federal Reserve’s Representative to the Group of Twenty (G-20), and as the Board’s Emissary to the Emerging and Advanced Economies in Asia.
In addition, he was Administrative Governor, managing and overseeing the Board’s operations, personnel, and financial performance. Prior to his appointment to the Board, from 2002 until 2006, Kevin served as Special Assistant to the President for Economic Policy, and Executive Secretary of the White House National Economic Council.
Previously, Kevin was a member of the Mergers & Acquisitions Department at Morgan Stanley & Co., in New York, serving as Vice President and Executive Director. I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is “central casting,” and he will never let you down. Congratulations Kevin! PRESIDENT DONALD J. TRUMP” Trump said.
The Federal Reserve last month left interest rates unchanged at 3.5% to 3.75%.
Powell said he plans to remain on the board as chairman after his term ends next month “for an undetermined period of time.”
Kevin Warsh’s nomination moved forward after the Justice Department last month dropped its criminal investigation into Fed Chairman Jerome Powell.
Senator Thom Tillis vowed to block Trump’s Fed Chair confirmation until the Justice Department dropped its investigation into Powell.
The post JUST IN: Senate Confirms Trump Nominee Kevin Warsh as Fed Governor, Clearing the Way to Replace Powell appeared first on The Gateway Pundit.