The Senate Banking Committee voted 13-11 along party lines to advance the nomination of Kevin Warsh to become the next chairman of the Federal Reserve.
Warsh’s nomination was in doubt when Sen. Thom Tillis (R-N.C.), who sits on the Senate Banking Committee, pledged to prevent Warsh’s nomination from proceeding unless the Department of Justice dropped its investigation into Fed Chairman Jerome Powell’s handling of renovations at the central bank’s headquarters. US Attorney Jeanine Pirro announced on Friday that her office was handing off the investigation to the Fed’s Inspector General.
Warsh’s nomination will now go to a confirmation vote before the Republican-controlled Senate, where it is expected to pass ahead of the May 15 conclusion of Powell’s term as chairman.
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