Senate Confirms Trump Pick Warsh as Chairman of the Federal Reserve

The Senate confirmed President Donald Trump’s nominee to lead the Federal Reserve, Kevin Warsh, bringing new leadership to the world’s most powerful central bank at a fraught moment for the global economy, worsened by the U.S./Israel war with Iran.

Warsh, 56, a former top Fed official, was confirmed Wednesday in a largely party-line 54-45 vote; he will replace Jerome Powell as chair at an unusually difficult time for the independent agency.

Inflation has topped the Fed’s 2 percent target for five years and is now rising faster because of spiking gas prices brought about by the U.S./Israel war with Iran. The Fed’s interest rate-setting committee is divided and saw the most dissenting votes in more than 30 years last month. And Powell, after years of personal attacks from Trump and an unprecedented Justice Department investigation, plans to remain on the Fed’s board even after his term as chair ends, potentially creating a competing power center.

Please select this link to read the complete article from The Associated Press.