By Matt Grossman

The Senate Banking Committee has advanced Kevin Warsh's nomination to lead the Federal Reserve, clearing the way for Warsh's likely confirmation in a vote by the full Senate.

The committee vote was along party lines, with all 13 Republicans on the committee supporting Warsh's nomination and all 11 Democrats opposing it.

The path forward for Warsh was uncertain until just days ago. A key banking committee Republican, Thom Tillis of North Carolina, was blocking the nomination over his objections to the Justice Department's criminal investigation of Jerome Powell, the current Fed chair. The Justice Department said last week it is dropping the investigation, and Tillis backed Warsh in Wednesday morning's committee vote.

"I've got confidence that this investigation is over," Tillis said after casting his vote.

The vote puts Warsh on track for confirmation in time to lead the Fed's June meeting, the first after Powell's term as chair ends on May 15. The Fed's April policy decision due at 2 p.m. today is set to be Powell's last as chair.

The banking committee voted 22-1 for Powell's chairmanship in 2017 and 23-1 in 2022. The committee voted for Janet Yellen 14-8 in 2013.

Amid President Trump's pressure campaign against the Powell Fed, Democrats have objected that Warsh declined to answer questions about how he would stand up to attempts to influence policy decisions.

"What Donald Trump wants is for the Fed to be under his complete control," the committee's top Democrat, Elizabeth Warren, told reporters before the vote.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

April 29, 2026 10:27 ET (14:27 GMT)

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