The U.S. Senate Banking Committee has scheduled April 29 to vote on Kevin Warsh’s Fed chair nomination, which could bring the former Fed governor one step closer to succeeding Jerome Powell as the next Fed chair. The vote notably comes on the same day as the April FOMC meeting, which could be Powell’s last as the Fed chair and even a member of the Fed board.
Senate Banking Committee To Vote On Kevin Warsh’s Nomination Next Week
According to a hearing notice, the Senate Banking Committee will vote on Kevin Warsh’s nomination on April 29. This follows the confirmation hearing the Committee held earlier this week as they look to advance U.S. President Donald Trump’s nomination of the former Fed governor to become the next Fed chair.
The notice comes just after the U.S. Department of Justice (DOJ) dropped the probe into Fed Chair Jerome Powell. Senator Thom Tillis, a member of the Senate Banking Committee, said he would not support Warsh’s nomination until the DOJ dropped the Powell probe.
Tillis has yet to comment on the DOJ’s decision to drop the Powell probe. However, Punchbowl reported that the Senate Banking Committee was unlikely to hold a confirmation vote until Tillis was satisfied that the DOJ had dropped the investigation, suggesting that the senator may now support Kevin Warsh’s nomination.
Tillis’ vote and that of other Republicans on the Committee are key, as they may have to advance the nomination along party lines if Democrats are not satisfied that the DOJ has dropped the probe. At the moment, crypto traders are predicting the Senate will confirm Warsh by May 15, with Polymarket data showing an 82% chance, up from as low as 28% before the DOJ dropped the Powell probe.
Interestingly, the Committee is holding the vote on the same day as the April FOMC meeting. With Kevin Warsh on course to become a member of the Fed board by May 15, this April meeting could be Powell’s last as the Fed chair.
Elizabeth Warren Criticizes The Nomination
In an X post, Senator Elizabeth Warren, a ranking member of the Senate Banking Committee, criticized Trump’s nomination of Kevin Warsh as the next Fed chair, saying the president thinks he can bend reality. “We need a Fed Chair who will assert reality and do what’s best for our economy,” she noted while declaring that Warsh can’t do this.
The senator had earlier called the former Fed governor Trump’s “sock puppet, during the Senate Banking Committee hearing earlier this week, stating that he cannot maintain Fed independence. However, Warsh vowed to maintain Fed independence despite Trump’s push for rate cuts.
Meanwhile, following the committee vote notice, Senator Warren said that no Republican who claims to care about Fed independence should support moving Kevin Warsh’s nomination forward. The senator added that the former Fed governor had already proven during the hearing that he was Trump’s “sock puppet.”