Senate Confirms Waugh as Fed Chair in 54–45 Vote; Powell to Stay on as Governor

Odaily Planet Daily reported that the U.S. Senate confirmed Waugh as Chair of the Federal Reserve by a 54–45 vote. The Senate had previously, on the 12th, approved Waugh's nomination to serve as a Federal Reserve Governor for a 14-year term. With the chair confirmation now secured, Waugh is set to take office after completing the required White House signing procedures, replacing current Chair Powell when his term ends this Friday (May 15). Powell is expected to remain on the Fed's Board as a governor. The vote underscored deep partisan divisions, described as the most split in history. Only one Democrat—Pennsylvania Senator John Fetterman—joined Republicans in voting in favor. (Jinshi)