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Senate Votes Warsh Fed Chair as Powell Probe Closes

4/28/2026

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Summary

Story summary

The Senate Banking Committee will vote Wednesday on Kevin Warsh’s nomination as Federal Reserve chair.
The Justice Department closed its probe into Fed Chair Jerome Powell, clearing a hurdle for the vote.
Warsh would assume the chair after Powell’s term ends on May 15.
The Fed is expected to keep its benchmark rate near 3.6% at the April 29 meeting, citing high oil prices and Iran-related shocks.

History

Historical Context

In July 1979 President Jimmy Carter named Paul Volcker chair of the Federal Reserve, where he raised the federal-funds rate to a 20 % peak in June 1981 and drove inflation from a 14.8 % high in 1980 to under 3 % by 1983. Closure of the probe into Jerome Powell cleared the way for Kevin Warsh’s nomination, before the Senate Banking Committee as the Fed holds rates near 3.6 %.

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Story summary

The Senate Banking Committee will vote Wednesday on Kevin Warsh’s nomination as Federal Reserve chair.
The Justice Department closed its probe into Fed Chair Jerome Powell, clearing a hurdle for the vote.
Warsh would assume the chair after Powell’s term ends on May 15.
The Fed is expected to keep its benchmark rate near 3.6% at the April 29 meeting, citing high oil prices and Iran-related shocks.

1 / 2