News Summary

• Senators vote 51-45 to approve Kevin Warsh as a governor on the Federal Reserve Board.
• The vote is the first step in a two-step process that would make him the next chair of the central bank.
• Warsh will take the seat of Fed governor Stephen Miran, who was appointed to serve out the remaining term of former governor Adriana Kugler.
• Current Fed Chair Jerome Powell has opted to remain on the Fed board for an indeterminate period, breaking with the usual precedent for departing chairs.