world-economy

Powell Exits Chair Role as Warsh Advances to Lead Fed

Jerome Powell's eight-year tenure as Federal Reserve Chair concludes this month, with Kevin Warsh positioned to assume leadership of the central bank. Warsh secured approval from the Senate Banking Committee in a 13-11 party-line vote, clearing a significant hurdle toward full Senate confirmation before Powell's May 15 departure date. Powell confirmed he will remain at the Federal Reserve as a governor following his chairmanship, ending months of uncertainty about his post-leadership plans. The outgoing chair indicated he intends to maintain a low profile in his new role. Warsh's advancement marks a transition in monetary policy leadership. The committee vote reflects deep partisan divisions over the Fed's economic approach.