The Senate Banking Committee voted 13-11 along party lines Wednesday to advance Kevin Warsh’s nomination as the next chair of the Federal Reserve, sending the pick to the full Senate for a final confirmation vote.
Key Takeaways:
The Senate Banking Committee advanced Kevin Warsh’s Fed Chair nomination 13-11 on April 29, 2026. Sen. Thom Tillis lifted his hold after the DOJ closed its probe into Powell around April 24, clearing the vote. Full Senate confirmation is expected by mid-May 2026, potentially making Warsh chair before Powell’s term ends on May 15. Warsh Fed Chair Nomination AdvancesA key procedural obstacle was cleared last week. Republican Sen. Thom Tillis of North Carolina had blocked the committee vote, citing a Department of Justice criminal investigation into Powell related to Federal Reserve building renovations. The DOJ closed the probe around April 24, prompting Tillis to lift his objection ahead of Wednesday’s session.
At his confirmation hearing on April 21, Warsh pledged to act independently if confirmed. Senators questioned him on Fed independence, rate policy, the balance sheet, and his relationship with the White House.
One open question remains: Powell’s status after mid-May. Powell’s underlying governor term runs through January 2028, meaning he could stay on as a governor. Whether he does or steps aside, it carries its own political and legal implications given Trump’s past comments about removing officials.
