U.S. President Donald Trump’s nominee Kevin Warsh attends a Senate Banking, Housing and Urban Affairs Committee confirmation hearing at the Dirksen Senate Building on April 21, 2026 in Washington, DC.
Andrew Harnik | Getty Images
The Senate Banking Committee voted Wednesday to bring forward the nomination of Kevin Warsh to the Federal Reserve Board, putting President Donald Trump’s nomination ahead of a final confirmation vote in the Republican-controlled Senate.
Voting was done along party lines, with all 13 Republicans voting in favor of the nominee and all 11 Democrats voting against.
Warsh, as expected, cleared what would likely be the last hurdle under current Chairman Jerome Powell hours before the Fed made its latest decision on interest rates.
Sticky inflation, a seemingly stable labor market, and Iran war-related price shocks keep the possibility of further rate cuts remote, and the central bank is likely to maintain a wait-and-see strategy.
The Fed’s cautious approach has been a major source of friction between Trump and Powell, who has faced a near-constant barrage of criticism for refusing to cut interest rates as much as the president wants.
Critics and Mr. Powell himself say the pressure campaign went beyond rhetoric.
The Justice Department has launched a criminal investigation into Mr. Powell and the Fed, reportedly focusing on cost overruns in a multibillion-dollar renovation of the central bank’s Washington headquarters. In a statement announcing the investigation in January, Mr. Powell accused the administration of targeting him because of the Fed’s interest rate decisions.
The investigation threatens Mr. Warsh’s chances, and Banking Committee Chairman Sen. Thom Tillis, RN.C., has vowed to block Mr. Trump’s nomination unless the Justice Department abandons the effort.
President Trump publicly supported the investigation led by U.S. Attorney Jeanine Pirro, even after a federal judge undermined her efforts by blocking the issuance of a grand jury subpoena.
Pirro had vowed to appeal until last Wednesday, but two days later the Justice Department suddenly announced it was halting the investigation.
Meanwhile, Tillis said he would no longer oppose Warsh’s nomination, just to ensure that Trump’s nomination moves forward.
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