The Senate Banking Committee voted 13–11 to advance Kevin Warsh as the next Chair of the Federal Reserve, with the nomination now heading to a full Senate vote.
Jerome Powell’s term ends on May 15, and if confirmed, Warsh could take over by the June meeting—marking the first leadership change in over 8 years.
During his testimony, Warsh stated there is room to cut interest rates, citing productivity gains driven by artificial intelligence.