Washington: The US Senate confirmed Kevin Warsh on Tuesday to serve as a member of the Federal Reserve Board of Governors, advancing President Donald Trump’s nominee closer to becoming the next head of the US central bank. The Senate voted 51-45 to confirm Warsh to a 14-year term on the Board.

According to Anadolu Agency, the confirmation pertains to Warsh’s role on the Board of Governors. A separate vote is anticipated for his nomination to chair the Board for a four-year term, succeeding Jerome Powell. This follows the Senate Banking Committee’s approval of Warsh’s nomination last week with a 13-11 party-line vote, after Republican Sen. Thom Tillis dropped his opposition.

Tillis had previously threatened to block the nomination from advancing until the Justice Department concluded its investigation into Powell concerning renovations at the Federal Reserve’s Washington, DC, headquarters and alleged cost overruns. The Justice Department subsequently closed its probe and requested Federal Reserve Inspector General Michael Horowitz to review the matter, enabling Tillis to support Warsh’s nomination moving forward.

Warsh’s anticipated elevation occurs as the Trump administration advocates for lower interest rates, tax cuts, and deregulation, which puts the Fed’s policy direction and institutional independence under close market scrutiny. Powell’s term as Fed chair is set to end this week.