Fed Chair Nominee Kevin Warsh Wins Senate Banking Committee Vote

11:58 AM EDT, 04/29/2026 (MT Newswires) -- The US Senate Banking Committee voted Wednesday to advance Kevin Warsh's nomination as Federal Reserve chair to the Republican-controlled Senate.

Warsh is President Donald Trump's pick to replace Jerome Powell, whose term as Fed chief expires on May 15. Trump has repeatedly criticized Powell for the central bank's cautious view on lowering interest rates.

The committee voted 13-11 to set Warsh up for a final confirmation vote in the Senate, hours before the Fed was scheduled to announce its decision on interest rates. The Federal Open Market Committee is widely expected to leave its policy rate unchanged later today.

This could be Powell's last monetary policy meeting as Fed chief, assuming the full Senate confirms Warsh in the week of May 11.

Powell's term on the Fed's Board of Governors runs through January 2028, though its unclear if he would exit the Fed or decide to stay on.

"If the Senate Banking Committee confirms Kevin Warsh tomorrow morning, Powell could potentially announce he is stepping down at the press conference, with Warsh presumably taking a seat at the helm for the June FOMC meeting," Stifel said in a note on Tuesday.

Warsh served as a governor on the central bank's board from 2006 to 2011. Before joining the Fed, he was part of the George W. Bush White House and had worked at Morgan Stanley (MS).

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.