Warsh’s Fed chair bid clears Senate hurdle, moving toward Powell replacement

The Senate Banking Committee voted 13-11 to advance Kevin Warsh’s nomination to chair the Federal Reserve, putting him closer to succeeding Jerome Powell. Democrats largely opposed, while GOP Sen. Thom Tillis lifted his blockade after the DOJ deferred to the Fed inspector general on the Fed HQ renovations probe, a move supporters say preserves central bank independence. The Fed is expected to hold rates steady at its meeting later today, with Powell likely giving what could be his final press conference as chair.