The United States Senate on Wednesday confirmed Kevin Warsh as the 17th chair of the Federal Reserve.
Warsh, who is Jewish and the son-in-law of World Jewish Congress President Ronald Lauder, assumes leadership of the central bank at a time of significant economic and geopolitical upheaval.
The final tally of 54 to 45 represented the most partisan confirmation for a Federal Reserve chief in American history, according to CNN.
Senator John Fetterman of Pennsylvania was the sole Democrat to join Republicans in supporting the nomination. Warsh succeeds Jerome Powell, whose tenure was defined by navigating global crises and resisting executive pressure to maintain the institution's independence.
Warsh takes the helm as the American economy faces renewed inflationary pressure driven by the ongoing war involving the US, Israel, and Iran. The Consumer Price Index reached a three-year peak in April, with energy costs now climbing faster than national wage growth.
Warsh has long argued that large scale asset purchases, known as quantitative easing, compromise the Fed's independence by essentially backstopping government spending. He advocates for a return to traditional interest rate adjustments as the primary tool for managing inflation and unemployment.
The first meeting under Warsh's leadership is scheduled for June 16 and 17. Powell, who will retain a seat as a governor for the time being, has pledged his full support during the transition.