The United States Senate confirmed Kevin Warsh to the Federal Reserve’s Board of Governors in a 51-45 vote on Tuesday. Democrat John Fetterman of Pennsylvania crossed party lines to support the Republican majority. Warsh was confirmed for a 14-year term.

The Senate is expected to vote as soon as Wednesday to confirm Warsh as Fed chair for a four-year term, as current Chair Jerome Powell’s term ends Friday. Powell plans to remain on the board after his chairmanship, citing legal attacks on the Fed’s independence.

Warsh’s confirmation comes amid ongoing pressure from President Donald Trump to cut interest rates. Senator Elizabeth Warren accused Warsh of being a “sock puppet” for Trump, which Warsh denied. Trump stated in December he would only appoint a Fed chair who agrees with him on rates.

The Trump regime has sought to exert control over the Fed, including attempting to fire Governor Lisa Cook (now before the Supreme Court) and supporting a DOJ investigation into Powell’s management of a building renovation, which a judge ruled was a pretext to pressure Powell. The DOJ dropped the probe but could reopen it.

Warsh plans “regime change” at the Fed, tightening coordination with the Treasury and reducing the balance sheet. A surge in oil prices from the US-Israel war on Iran has boosted inflation, lowering expectations for rate cuts. The Fed’s next meeting, likely Warsh’s first as chair, is scheduled for June 16-17.

Source: www.aljazeera.com