On the 12th, the U.S. Senate formally confirmed Waller as a member of the Board of Governors of the Federal Reserve by a vote of 51 to 45 for a 14-year term.
Waller succeeds Milan, whose term has ended. His term as governor is calculated from February 1 of this year.
According to U.S. media reports, the Senate is expected to vote as early as the 13th to confirm Waller as the next Federal Reserve Chair, succeeding Powell.
On January 30, Trump announced the nomination of Waller as the next Chair of the Federal Reserve. In early March, the White House submitted to the Senate the nominations of Waller for Federal Reserve Governor and for the next Chair.
Waller was born in 1970 and previously served as a Federal Reserve Governor from 2006 to 2011.
The current Federal Reserve Chair, Powell, will see his term expire on May 15, but his term as a governor will continue through the end of January 2028. Powell recently announced that he will remain as a Federal Reserve Governor after his term as Chair ends.
The core institutions of the Federal Reserve System include the Board of Governors (commonly known as the Federal Reserve Board), the Federal Open Market Committee, and 12 regional Federal Reserve Banks headquartered in different cities. The Board has seven governors, appointed by the President for 14-year terms; the Chair is selected by the President from among the governors for a four-year term and may be reappointed.