The Senate Banking Committee voted 13-11 on Wednesday to advance the nomination of Kevin Wersh to the Federal Reserve Board, bringing him one step closer to replacing Jerome Powell at the central bank next month.
Warsh cleared the panel in a party-line vote after the Justice Department agreed to turn over matters related to the renovation of the central bank’s headquarters to the Fed’s inspector general, opening the way for the senator to be elected. Thom Tillis (R.N.C.) to end its blockade of Fed nominees. Tillis had criticized the DOJ investigation as an attempt to undermine the central bank’s independence.
The Fed’s rate-setting committee will meet later today, where officials are expected to keep rates steady.
