The US Senate is scheduled to vote on Kevin Warsh’s nomination to chair the Federal Reserve at 5:30 PM EST on Monday, May 11.
The Senate will hold two roll call votes that evening, according to the Senate Senate daily press schedule. The first relates to S.Res.690, the Omnibus Nominations Resolution. The second is a proposal to cancel the decision to nominate Wershe as a member of the Board of Governors, Executive Calendar No. 728.
Majority Leader John Thune gave a speech in Warsaw on April 30. He also submitted a letter to Executive Calendar No. 727, Warsh’s separate nomination to serve as Chairman of the Board for a four-year term.
The most partisan vote for a Fed chair in the committee’s history
The Senate Banking Committee advanced Warsh’s nomination 13-11 on April 29 along party lines. All 13 Republicans voted for it. All eleven Democrats voted against the resolution.
Senator Elizabeth Warren’s office described this as the first bipartisan committee vote on a nominee to chair the Federal Reserve in the committee’s history.
A full vote in the Senate may break with tradition. Each previous Senate confirmation of a Fed chair nominee included some bipartisan support.
Sen. John Fetterman (D-Pa.) said he intends to vote for it, which could make him the only nominee between the two parties.
Warsh can be confirmed by a simple majority. Republicans have a majority of 53 seats.
Powell will remain on the board until 2028
Powell intends to remain on the Federal Reserve Board of Governors after stepping down as chairman. The term of its Board of Directors continues until January 2028.
Powell said he would not act as a “shadow chair” or publicly oppose his successor.
Continuity itself is somewhat strange, as central bank presidents usually resign from the bank when their term ends.
Powell’s decision means the board could include two former presidents once Warsh is sworn in.
The shift comes after the Justice Department concluded its investigation into Powell in connection with the redesign of the Fed’s headquarters.
Senator Thom Tillis has said he will block Warsh’s nomination while the investigation remains open. He later supported the nomination after the investigation was closed.
A new ethical rule in prediction markets
The Senate also adopted a new rule last week prohibiting senators, staff and officers from trading in prediction markets, according to a report. Cryptopolitan Report.
The measure was adopted unanimously after an amendment from Senator Alex Padilla.
The rule adds another moral background to Warsh’s assertion. Reuters I reported in April that Warsh’s financial disclosures included holdings related to SpaceX, Polymarket, cryptocurrencies and artificial intelligence. Warash pledged to liquidate the assets if confirmed.
He will be the first candidate for Federal Reserve Chairman to disclose cryptocurrency investments.
If confirmed by May 15, he will take office before the Federal Reserve meets on June 16-17.
according to WarsHowever, productivity gains from AI could help mitigate inflationary pressures.
This belief has led to… Speculation He is likely to consider cutting interest rates despite warnings from several Fed members that the impact of AI on inflation is unclear.
