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U.S. Treasury Secretary Scott Bessent indicated that Sen. John Fetterman, D-Pa., prioritized the nation over partisanship on Wednesday by joining with Senate Republicans in voting to confirm President Donald Trump’s nomination of Kevin Warsh to serve as Federal Reserve System Board of Governors chair.
Aside from Fetterman, the 54-45 vote was strictly along party lines, with Republicans voting for confirmation and Democrats voting against it.
“Today @SenateGOP, along with the Democrat who put country before political ideology, confirmed @POTUS’s nominee Kevin Warsh as the next Chairman of the @FederalReserve,” Bessent declared in a Wednesday post on X.
SENATE CONFIRMS KEVIN WARSH AS FED CHAIR AS TRUMP’S ECONOMIC VISION COMES INTO FOCUS
“Chairman Warsh will usher in a new day at an institution that is in need of accountability, sound policy guidance, and the renewed sense of purpose to help guide our economy. His chairmanship opens the door and lays the groundwork for every American family to build and grow in the world’s greatest economy,” Bessent added.
Fetterman said in a statement issued on Wednesday, “I’ve met Kevin Warsh and believe he will be transparent and responsive to Congress and the public. His promise to maintain Fed independence in setting interest rates is crucial and I look forward to working with him.”
“I also maintain we owe an enormous debt of gratitude to Chair Powell. Through multiple administrations and a global pandemic, our economy has been the envy of the world under his steady hand. He never broke the law, has done a remarkable job, and I’m profoundly grateful for his service as Chair. I encourage him to stay on the Fed Board as long as he wants,” Fetterman added.
FETTERMAN CALLS OUT ‘ABSOLUTE SOCIALIST’ SEATTLE MAYOR AND ‘AVOWED COMMUNIST’ GRAHAM PLATNER
During his first presidential administration, Trump nominated Powell for the chairmanship. Then, President Joe Biden, during his White House tenure, tapped Powell to remain in the role for a second term.
Trump more recently has been a vociferous Powell critic.
“After my term as Chair ends on May 15, I will continue to serve as a governor for a period of time to be determined. I plan to keep a low profile as a governor. There is only ever one Chair of the Federal Reserve Board. When Kevin Warsh is confirmed and sworn in, he will be that Chair,” Powell said last month.
POWELL WILL REMAIN AT THE FED FOR NOW, SETTING UP POTENTIAL CLASH WITH TRUMP
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The Federal Reserve website notes that “Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.”
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