US Senate confirms Kevin Warsh as Federal Reserve chair, replacing Jerome Powell

Warsh will serve four-year term as chair, taking over amid rising inflation and pressure from Trump to lower rates

The US Senate confirmed Kevin Warsh as chair of the Federal Reserve, one of the most powerful roles in the federal government that holds enormous sway over the economy.

The 54-45 Senate vote on Wednesday was split along party lines, with the exception of Democratic senator John Fetterman from Pennsylvania, who joined the Republican majority. Warsh was confirmed for a four-year term as chair and a 14-year appointment on the Fed’s rate-setting board.