Senate confirms Kevin Warsh as Fed Chair

The Senate on Wednesday officially confirmed Kevin Warsh to take over as Chairman of the Federal Reserve when Jerome Powell's term expires on Friday.

The vote was 54-45 and came after the upper chamber confirmed him to the Board of Governors earlier this week.

Powell's term as chairman is set to expire this week, but his term on the Board of Governors does not end until January of 2028. He has indicated he plans to remain on the board until the resolution of an investigation into the renovation of the Federal Reserve building in Washington, D.C.

The Department of Justice opened a criminal probe into Powell over the project, but dropped the investigation earlier this month. Fed Inspector General Michael Horowitz is expected to release his own report in the near future.

Throughout his tenure, Powell faced scrutiny from Trump over his hesitance to lower interest rates, which the president has sought as a means of boosting the lagging economy.

Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.