Kevin Warsh Cleared by Senate for 14‑Year Fed Board Seat

Kevin Warsh will be returning to the Federal Reserve Board of Governors. The U.S. Senate voted 51–45 to approve Warsh’s nomination to a 14-year term on the central bank’s board on May 12, joining six other members. Four senators did not file a vote. Sen. John Fetterman (D-Pa.) crossed party lines to support President Donald Trump’s nominee. Warsh’s tenure as Fed governor will run until 2040. He previously served on the board from 2006 to 2011, when he resigned over differences regarding the leadership’s post-crisis quantitative easing program. Governors serve 14-year terms to prevent political pressure. Their roles consist of voting on monetary policy, supervising and regulating the financial system, and overseeing the Fed’s 12 regional banks....