Kevin Wersh, US President Donald Trump’s nominee for Chairman of the Federal Reserve, arrives for his confirmation hearing before the Senate Committee on Banking, Housing and Urban Affairs at the Dirksen Senate Office Building on April 21, 2026 in Washington, DC.
Andrew Harnik | getty images
The Senate Banking Committee voted on Wednesday to advance the nomination of Kevin Wersh to lead the Federal Reserve, leaving President Donald Trump’s pick for a final confirmation vote in the Republican-controlled Senate.
The vote fell along party lines, with all 13 Republican members voting in favor of the nominee and all 11 Democrats voting against him.
As expected, Warsh breached the barrier, just hours before the Fed was to deliver its latest decision on interest rates – possibly the last one under current Chairman Jerome Powell.
The central bank is likely to maintain its wait-and-see strategy, as sticky inflation, a seemingly stable labor market and Iran-war-related price shocks keep the prospect of further rate cuts at bay.
The Fed’s cautious approach has been the main source of friction between Trump and Powell, who has faced almost constant criticism over his refusal to cut rates as the president wishes.
Critics and Powell himself say the pressure campaign went beyond rhetoric.
The Justice Department launched a criminal investigation against Powell and the Fed, focused on alleged cost overruns associated with a billion-dollar renovation of the central bank’s Washington headquarters. Powell, in a statement disclosing the investigation in January, accused the administration of targeting him because of the Fed’s decisions on interest rates.
Investigation puts Warsh’s prospects in jeopardy: Banking Committee member Sen. Thom Tillis, R-N.C. Vowed to block Trump’s nominee unless the DOJ abandons its efforts.
Trump had openly supported the investigation led by US Attorney Jeanine Pirro, even after a federal judge thwarted her efforts by blocking the issuance of a grand jury subpoena.
Pirro vowed to appeal as recently as last Wednesday — but two days later, he suddenly announced the DOJ would be dropping the investigation.
Tillis, in turn, said he would no longer oppose Warsh’s nomination, but assured that Trump’s selection would move forward.
This is breaking news. Please refresh for updates.
