Breitbart Business Digest: The Economy’s Strength May Cost Trump His Rate Cuts—for Now

Warsh Moving Closer to Confirmation—But Rate Cuts Will Have to Wait

Kevin Warsh’s nomination to head up the Federal Reserve looked set to move one step closer to confirmation on Monday, with the Senate scheduled to vote on cloture at 5:30 p.m. By the time you are reading this, it’s likely the Senate will have approved cloture.

Warsh will actually get two cloture votes and, eventually, two votes on his nomination. That’s because Warsh is actually nominated to two positions: Fed governor and Fed chairman. The chair of the Fed is required to be a governor, so the Senate gets an up-or-down vote on both nominations. Because the outgoing chair, Jerome Powell, is stubbornly refusing to relinquish his seat on the board of governors, Warsh is stepping into the governor seat now occupied by Stephen Miran.

Kevin Warsh, nominee for U.S. Federal Reserve Chair, testifies during a Senate