Senate Banking Committee advances Kevin Warsh nomination to replace Powell

The Senate Banking Committee voted 13-11 along party lines to advance Kevin Warsh's nomination as Federal Reserve chair to replace Jerome Powell, whose term expires May 15. The full Senate vote may not occur before Powell's term ends. After the FOMC meeting, Powell announced he would remain on the Federal Reserve Board of Governors, where his term runs through Jan. 2028. (CBS News, Apr. 29, 2026)