Kevin Walsh's Nomination for Fed Chair Passes Senate Banking Committee

Assuming Office Upon Full Senate Approval

As the confirmation of Kevin Walsh, the nominee for Chair of the U.S. Federal Reserve (Fed), has passed the Senate Banking Committee, the likelihood has grown that he will take office to coincide with the retirement of Fed Chair Jerome Powell on May 15.

According to the Financial Times (FT) on April 29 (local time), the Senate Banking Committee held a meeting and approved the confirmation of nominee Walsh. All 13 Republican committee members voted in favor, while all 11 Democratic committee members voted against. The only step remaining is a vote in the full Senate.

Kevin Warsh, Fed Chair Nominee. Photo by AP Yonhap News.

U.S. President Donald Trump nominated Walsh as the next Fed Chair in January. However, Senator Thom Tillis, a Republican from North Carolina, stated that he would not support the confirmation unless the Justice Department halted its investigation of Chair Powell, which delayed the process.

The process moved forward after the Justice Department announced on April 24 that it would terminate the investigation into Chair Powell. Senator Tillis, who had previously opposed the confirmation, voted in favor on this day.

Meanwhile, Chair Powell presided over the Federal Open Market Committee (FOMC) meeting on this day, which is expected to be the last FOMC meeting chaired by Powell. The market anticipates that the federal funds rate will be held steady at the April FOMC meeting.

This content was produced with the assistance of AI translation services.