Senate confirms Kevin Warsh to Fed board ahead of expected Chair vote

Warsh’s confirmation to the Fed board positions the crypto-linked investor to replace Jerome Powell as chair amid inflation and digital asset policy debates. What to know : The Senate confirmed Kevin Warsh to the Federal Reserve Board of Governors in a 51-45 vote, with Sen. John Fetterman of Pennsylvania the only Democrat backing him. Warsh, 56, faces a separate Senate vote to become Fed chair as Jerome Powell’s eight-year term ends Friday, though Powell plans to remain on the board during a federal probe into Fed headquarters renovations. Warsh’s past investments in crypto and blockchain firms, which he has pledged largely to divest, position him as a Fed leader familiar with digital assets as the central bank weighs rules on stablecoins, bank crypto custody and digital payment systems.