Warsh's Fed Chair confirmation advances as Powell's term ends May 15

Kevin Warsh, President Donald Trump's nominee for the next Federal Reserve Chair, cleared a key procedural hurdle in the Senate on May 11. The term of the current chairman, Jerome Powell, is set to end on May 15. After a cloture vote, the Senate is scheduled to hold a confirmation vote on Warsh's appointment as a Fed Governor for a 14-year term as early as May 12. A separate vote to confirm his four-year term as Fed Chair could follow as soon as May 13. The Republican-controlled Senate is expected to approve the confirmation. The Fed's next meeting is scheduled for June 16-17, which could be the first one presided over by Warsh as chairman.