Warsh's US Fed Chairman Nominee Confirmation Bill Passed the Senate…Likely to Take Office This Week

Warsh's US Fed Chairman nominee confirmation bill passed the Senate... Likely to take office this week

Following the 'Fed Governor' confirmation bill the previous day, the Chairman confirmation bill also passed

The confirmation bill for Kevin Warsh, the nominee for the next chairman of the Federal Reserve (Fed), the central bank of the United States, passed the U.S. Federal Senate on the 13th (local time).

The Senate voted on Warsh's confirmation bill in a plenary session today, passing it with 54 votes in favor and 45 against.

Previously, the Senate passed Warsh's confirmation bill as a Fed Governor the previous day, and with the passage of the Chairman confirmation bill today, Warsh will be able to immediately assume the chairmanship of the Fed after the current chairman Jerome Powell's term ends.

The term of the Fed chairman is four years, and current Chairman Powell's term ends on the 15th. Warsh is expected to take office as the new Fed chairman as early as this week.

Furthermore, Warsh will directly preside over the Federal Open Market Committee (FOMC) meeting held on the 16th-17th of next month as chairman. The FOMC meeting is the body that decides the U.S. benchmark interest rate.

Warsh emphasized the Fed's independence at a Senate hearing, stating that monetary policy would be decided based on the Fed's own judgment rather than the president's demands.

However, U.S. President Donald Trump has strongly criticized current Chairman Powell, stating that the Fed has been a hindrance to the government's economic policies by not cutting interest rates in a timely manner. Since he nominated Warsh as chairman, he has had high expectations for interest rate cuts, so the future actions of 'Warsh's Fed' are drawing attention.