Fed chief nominee Warsh clears key confirmation hurdle in Senate [View all]

Source: msn/Reuters

22m


WASHINGTON, April 29 (Reuters) - Kevin Warsh, U.S. President Donald Trump's pick to lead the Federal Reserve, cleared a key procedural hurdle on Wednesday, opening the way for him to succeed Jerome Powell in coming weeks amid the White House's unprecedented efforts to exert control over the world's most powerful central bank.

The Senate Banking Committee voted along party lines to advance Warsh's nomination to the full Republican-controlled Senate. All 13 Republicans on the panel supported Warsh after North Carolina Senator Thom Tillis dropped his opposition following the Department of Justice's decision on Friday to end a criminal investigation into Powell that Tillis viewed as a threat to the Fed's political independence.

The panel's 11 Democrats, who say they doubt Warsh's promise to set policy without regard to the president's wishes, voted against him.

The vote occurred as Powell leads what's likely to be his last policy-setting meeting as Fed chief. The policy-setting Federal Open Market Committee is universally expected to leave its benchmark overnight interest rate unchanged in the current 3.50%-3.75% range, given still-elevated inflation and upward pressure on prices from the disruption to global oil supplies due to the Iran war.

Read more: https://www.msn.com/en-us/news/politics/fed-chief-nominee-warsh-clears-key-confirmation-hurdle-in-senate/ar-AA220JwR?ocid=BingNewsVerp