U.S. Federal Reserve Chair Jerome Powell leaves after a press conference in Washington, D.C., the United States, April 29, 2026. The U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday advanced confirmation of Kevin Warsh's nomination as the next Federal Reserve chair with a vote on party lines. Fed Chair Jerome Powell's term as Fed chair ends on May 15. (Xinhua/Li Rui)

NEW YORK, April 29 (Xinhua) -- The U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday advanced confirmation of Kevin Warsh's nomination as the next Federal Reserve chair with a vote on party lines.

Members of the committee voted 13-11, with all Democratic senators objecting to the process.

Republican Senator Thom Tillis' drop of objection following federal prosecutors' end of investigation targeting Fed Chair Jerome Powell cleared the way for the process.

The U.S. Senate is expected to have a floor vote for the nomination of Warsh to be a member and chairman of the board of governors of the Federal Reserve in the near future.

The Senate committee voted 22-1 for Powell's nomination as Fed chair in 2017, and Powell's term as Fed chair ends on May 15.

"We should not be voting today on Kevin Warsh's nomination to lead the Federal Reserve ... A vote today by this committee to advance Mr. Warsh will bring the president one step closer to completing his illegal attempt to seize control of the Fed and to artificially juice the economy," Democratic Senator Elizabeth Warren, ranking member of the committee, said before the voting.

The White House sent the U.S. Senate the nomination of Warsh to be the next chairman of the Federal Reserve for a term of four years in early March, following U.S. President Donald Trump's announcement of the nomination on Jan. 30. ■

U.S. Federal Reserve Chair Jerome Powell gestures at a press conference in Washington, D.C., the United States, April 29, 2026. The U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday advanced confirmation of Kevin Warsh's nomination as the next Federal Reserve chair with a vote on party lines. Fed Chair Jerome Powell's term as Fed chair ends on May 15. (Xinhua/Li Rui)

U.S. Federal Reserve Chair Jerome Powell attends a press conference in Washington, D.C., the United States, April 29, 2026. The U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday advanced confirmation of Kevin Warsh's nomination as the next Federal Reserve chair with a vote on party lines. Fed Chair Jerome Powell's term as Fed chair ends on May 15. (Xinhua/Li Rui)

U.S. Federal Reserve Chair Jerome Powell attends a press conference in Washington, D.C., the United States, April 29, 2026. The U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday advanced confirmation of Kevin Warsh's nomination as the next Federal Reserve chair with a vote on party lines. Fed Chair Jerome Powell's term as Fed chair ends on May 15. (Xinhua/Li Rui)

U.S. Federal Reserve Chair Jerome Powell arrives for a press conference in Washington, D.C., the United States, April 29, 2026. The U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday advanced confirmation of Kevin Warsh's nomination as the next Federal Reserve chair with a vote on party lines. Fed Chair Jerome Powell's term as Fed chair ends on May 15. (Xinhua/Li Rui)

U.S. Federal Reserve Chair Jerome Powell leaves after a press conference in Washington, D.C., the United States, April 29, 2026. The U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday advanced confirmation of Kevin Warsh's nomination as the next Federal Reserve chair with a vote on party lines. Fed Chair Jerome Powell's term as Fed chair ends on May 15. (Xinhua/Li Rui)

U.S. Federal Reserve Chair Jerome Powell arrives for a press conference in Washington, D.C., the United States, April 29, 2026. The U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday advanced confirmation of Kevin Warsh's nomination as the next Federal Reserve chair with a vote on party lines. Fed Chair Jerome Powell's term as Fed chair ends on May 15. (Xinhua/Li Rui)