Fed Chair Pick Kevin Warsh Wins Key Senate Committee Vote (1)

Kevin Warsh, President Donald Trump’s nominee to be the next chair of the Federal Reserve, won the backing of the Senate Banking Committee Wednesday on a 13-11 party-line vote, putting him on track to be confirmed by the full Senate before Jerome Powell’s term ends May 15.

Warsh’s nomination had been held up by Republican Senator Thom Tillis until the Department of Justice agreed last week to drop — for now — a criminal probe into cost overruns in a renovation of the Fed’s Washington headquarters.

Tillis, who saw the probe as “bogus” and a threat ...