The US Senate has confirmed Kevin Warsh as the next Chairman of the Federal Reserve System (Fed).
According to the Senate's official website, 54 senators voted in favor, while 45 voted against.
President Donald Trump must now sign an executive order to formally appoint Warsh. The Fed Chair serves a four-year term.
On May 12, the Senate voted to appoint Warsh to the Fed's Board of Governors for a 14-year term. He had previously served on the Board, resigning early in 2011.
Current Chair Jerome Powell's term ends on May 15. Powell stated he will remain as a Board member. He was appointed by Trump in 2018 and reappointed by Biden. Trump criticized Powell for not cutting interest rates fast enough.
Warsh's nomination was proposed by Trump in January. Warsh has stated his intention to preserve the Fed's independence and base decisions on economic data.
