Senate Banking Committee advances Warsh nomination to be Fed chair

The Senate Banking Committee voted 13-11 Wednesday to advance the nomination of Kevin Warsh to serve as the next chair of the Federal Reserve Board of Governors. The nomination will now head to the Senate floor.

Warsh previously served as a Federal Reserve governor from 2006 to 2011 and is currently a fellow at the Hoover Institution and a lecturer at the Stanford Graduate School of Business.

If confirmed, Warsh would succeed current Chair Jerome Powell, whose term as chair expires May 15.