Kevin Warsh confirmed as New Federal Reserve Chair

The vote was 54-45, with the Republican majority sufficient to advance the nomination put forward by President Donald Trump. Warsh will serve a four-year term, and his first policy meeting in the role is scheduled for June 16-17.

During his confirmation process, Warsh said he intended to bring "regime change" to the Fed, having previously argued that the institution had grown too political and too open in disclosing how it reaches its decisions. Powell will remain on the Board of Governors rather than departing the central bank altogether. At his final press conference as chair last month, Powell congratulated his successor and said he would offer his support while stepping back to allow the new chair to lead.

Warsh is returning to familiar territory. He previously served on the Board of Governors from 2006 to 2011, representing the Fed at Group of Twenty meetings and acting as the board's envoy to emerging and advanced economies across Asia. He also held the position of administrative governor, with oversight of the board's operations, personnel, and financial performance.

His earlier career spanned both government and finance. Between 2002 and 2006, Warsh worked at the White House as Special Assistant to the President for economic policy and as Executive Secretary of the National Economic Council. Prior to that, he was based at Morgan Stanley in New York, where he worked in the mergers and acquisitions department and held the titles of vice-president and executive director.

Earlier, Qazinform News Agency reported that trade, technology competition and global economic stability are expected to dominate discussions during the summit between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing.