WASHINGTON D.C (VINnews) – The Senate on confirmed President Trump’s nominee Kevin Warsh to a 14-year term on the Federal Reserve Board of Governors, positioning him to become the central bank’s next chair once Jerome Powell’s term ends this week.

Lawmakers approved Warsh’s nomination as governor by a 51-45 vote, largely along party lines, with Sen. John Fetterman, D-Pa., the only Democrat joining Republicans in support. A separate vote to advance his nomination as chair also passed 51-45.

Powell’s four-year term as Fed chair concludes Friday. He has said he will step down from the leadership role but plans to remain on the Fed’s Board of Governors for an unspecified period. His governor term runs through January 2028

Warsh, a former Fed governor who served from 2006 to 2011 and advised the George W. Bush administration, would take over leadership of the central bank amid ongoing debates over interest rates and inflation. Trump nominated him earlier this year to replace Powell.

The dual-track confirmation process — first to the board, then as chair — is required because the positions carry separate terms. Once confirmed as chair, Warsh is expected to be sworn in promptly to lead the Federal Open Market Committee.

VINnews will provide updates as the chair vote proceeds.