It's set to be Jerome Powell's last meeting as Fed chair -- as a big change looms

Economy It's set to be Jerome Powell's last meeting as Fed chair — as a big change looms April 29, 20265:00 AM ET Scott Horsley The Senate Banking Committee votes Wednesday on Kevin Warsh's nomination to serve as the next chairman of the Federal Reserve. Andrew Harnik/Getty Images North America hide caption toggle caption Andrew Harnik/Getty Images North America Change is coming to the Federal Reserve — even as interest rates are expected to hold steady. Economy Trump keeps pressuring the Fed to cut rates. Here's why its independence matters The central bank is expected to leave its benchmark rate unchanged Wednesday, at what is likely Jerome Powell's last policy meeting as Fed chairman. His replacement may soon be in place, ushering in a change at the helm of the central bank after Powell's more than eight-year tenure. A key Senate committee is set to vote Wednesday on President Trump's nominee to replace Powell, Kevin Warsh. That would set the stage for a confirmation vote by the full Senate in time for Warsh to take over as Fed chairman when Powell's term expires next month. Sponsor Message That timing was uncertain just a few days ago. Sen. Thom Tillis, R-N.C., had threatened to block a vote to protest the Justice Department's investigation of the Fed, which was widely seen as part of a White House pressure campaign to force the central bank to lower interest rates. That roadblock was cleared on Friday, when federal prosecutors agreed to drop their probe. "With the assurances from the Department of Justice that the case is completely and fully settled," Tillis told NBC's Meet the Press, "I am prepared to move on with the confirmation of Mr. Warsh. I think he's going to be a great Fed chair." Warsh vows to maintain Fed's independence Warsh has argued that there's room to cut interest rates without sparking more inflation — thanks in part to the productivity gains promised by artificial intelligence. But he also told Senators he would act independently and n...