The Senate Banking Committee is scheduled to vote on Wednesday to advance the nomination of Kevin Warsh to be Federal Reserve chairman, with a key Republican committee member having dropped his opposition to the vote.
Warsh was nominated by President Trump earlier this year to succeed Jerome Powell as Fed chairman. His nomination previously lacked the votes to clear the committee, as Sen. Thom Tillis (R-N.C.) said he would block it until the Justice Department drops a criminal investigation into current Chairman Jerome Powell and cost overruns related to renovations to the Fed’s headquarters. Tillis ended his opposition after the Justice Department dropped the investigation and referred the matter to the Fed’s Office of Inspector General.
If the committee advances the nomination, the full Senate will vote on it at a later date.
