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Senate confirms Trump’s Fed chair nominee Kevin Warsh as Powell’s replacement

• Kevin Warsh was confirmed by the Senate as the Fed chair nominee with a 54-45 vote.
• His confirmation followed months of Donald Trump‘s attempts to pressure current Fed Chair Jerome Powell to leave his position.
• Senator Thom Tillis initially opposed Warsh’s nomination due to a Justice Department investigation into Powell, which he urged Trump to end.
• The Justice Department announced it was dropping the case against Powell, leading Tillis to end his opposition and support for Warsh.
• Warsh denied that Trump asked him to commit to interest rate cuts, stressing the importance of the Federal Reserve’s independence.