The US Senate voted largely along party lines to confirm Kevin Warsh to lead the Fed’s Board of Governors, despite many Democrats’ concerns about the central bank’s independence. The US Senate has approved Kevin Warsh as the newest governor of the Federal Reserve and confirmed him as chair of the central bank, succeeding Jerome Powell. Wednesday's cloture vote for Warsh to be the next Fed chair tallied votes at 54-45 along party lines, with the exception of Democratic Senator John Fetterman, to approve President Donald Trump’s nominee. He was approved as a Fed governor on Tuesday in a 51-45 vote also along party lines, also with Fetterman joining Republicans. The votes confirmed Warsh as a Fed governor for 14 years and a four-year term as chair. He previously served as a Fed governor under former US Presidents George W. Bush and Barack Obama from 2006 to 2011. Powell, whose term as Fed chair ends on Friday, has faced Trump’s repeated threats to fire him. His term as a Fed governor will continue until 2028, but the shakeup in the leadership of the US central bank has the potential to move markets amid concerns over changing interest rates and the Fed’s independence from the White House’s policies. Related: Federal Reserve chair nominee's disclosure includes crypto and AI holdings Warsh said in a 2025 interview that Bitcoin (BTC) was a “transformative” technology and “an important asset that can help inform policymakers.” During his confirmation hearing in the Senate Banking Committee, however, many Democrats questioned whether, as Fed chair, he could remain independent from the president’s policy agenda.