Svmuu News: The White House has announced that Kevin Warsh has been confirmed as the new Chairman of the Federal Reserve.
On May 13 local time, the U.S. Senate approved Warsh to serve as Fed Chair by a vote of 54 to 45. Previously, the Senate had approved his appointment as a member of the Federal Reserve Board on May 12, with a 14-year term.
With the chairmanship confirmed, Warsh will officially assume his duties after completing the White House signing procedures, succeeding current Chair Powell, whose term ends on May 15. Reports indicate that Powell is expected to remain as a Fed governor.