On the 13th, the U.S. Senate voted 54 in favor and 45 against to officially confirm Walsh to succeed Powell as the next Chairman of the U.S. Federal Reserve, with a four-year term.
On the 12th, the Senate had already voted to confirm Walsh as a Fed Governor, with a 14-year term.
Born in 1970, Walsh served as a Federal Reserve Governor from 2006 to 2011. In recent years, he has been critical of the Federal Reserve, advocating adjustments to the Fed’s communication strategy and inflation measurement metrics.
On January 30, U.S. President Trump announced via social media his nomination of Walsh as the next Fed Chairman. In early March, the White House submitted nominations to the Senate for Walsh to serve as a Fed Governor and as the next Chairman.
Current Fed Chairman Powell's term will expire on May 15. Due to a criminal investigation initiated by federal prosecutors in early January into the Fed building's renovation project, concerns over political interference in the Fed's independence once stalled the confirmation of Walsh’s nominations for Governor and Chairman in the Senate Banking, Housing, and Urban Affairs Committee.
Powell’s term as Fed Governor will continue until the end of January 2028. He recently announced that he will remain as a Governor after his term as Chairman ends.
The Fed’s seven Governors are nominated by the President for 14-year terms; its Chairman is selected by the President from among the Governors for a four-year term and may be reappointed. All nominations require Senate confirmation.