Fed: Warsh gets OK in committee, towards Senate confirmation of chairman nomination

Kevin Warsh, President Donald Trump's candidate for the Federal Reserve chairmanship, won the endorsement of the Senate Banking Committee today, with 13 votes in favour and 11 against; the votes followed party lines. Warsh thus moves towards confirmation by the full Senate before Jerome Powell's term expires on 15 May. Warsh's nomination had been blocked by Republican Senator Thom Tillis, until the Justice Department agreed last week to afile a criminal investigation against Powell over costs related to the renovation of the Fed's Washington headquarters.