Kevin Warsh’s nomination to serve as the next Federal Reserve chair took a big step forward on Wednesday after a key committee voted to advance his nomination after a senator lifted his opposition.

Members of the Senate Banking Committee voted 13-11 to send Warsh’s nomination to the full Senate for a confirmation vote that could occur soon.

Warsh, a former Federal Reserve governor who served at the central bank from 2006 to 2011, was nominated to succeed current Fed Chair Jerome Powell, whose term as chairman ends on May 15, 2026.

The nomination was held up after Sen. Thom Tillis, R-N.C., vowed to block Warsh’s nomination despite supporting it because of the Justice Department’s investigation into Powell’s testimony on the Fed’s costly renovation project, which he viewed as politically motivated.

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Kevin Warsh’s nomination to serve as chairman of the Federal Reserve moved forward on Wednesday. (Graeme Sloan/Bloomberg via Getty Images)

Tillis argued the probe undermined the independence of the central bank, and the DOJ relented as U.S. Attorney for the District of Columbia Jeanine Pirro closed her office’s investigation on Friday, with the Fed’s inspector general, Michael Horowitz, taking it over.

Tillis said the probe was a “serious threat to the Fed’s independence, and it needed to end before I could support Kevin Warsh’s confirmation.”

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Sen. Thom Tillis, R-N.C., criticized the DOJ’s investigation of the Powell and said he would delay Warsh’s nomination until it was closed. (Nathan Posner/Anadolu via Getty Images)

With the Senate Banking Committee having now advanced Warsh’s nomination, the full Senate may now hold a confirmation vote in the near future. 

Depending on how quickly senators take up the nomination, Warsh could be confirmed as Fed chair in time to preside over the central bank’s June policy meeting.

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Federal Reserve Chair Jerome Powell hasn’t indicated whether he will serve out his term as a member of the Fed’s Board of Governors. (Amanda Andrade-Rhoades/Reuters)

While Powell’s term as chairman is coming to a close next month, he may choose to serve out the remainder of his term as a member of the Fed’s Board of Governors, which runs until Jan. 31, 2028.

Powell will speak at a press conference on Wednesday afternoon after the Federal Open Market Committee – the Fed panel responsible for monetary policy – announces its next interest rate decision. 

Policymakers are expected to leave their benchmark rate unchanged at the current target range of 3.5% to 3.75% amid concerns over inflation.

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The presser, which will begin around 2:30 p.m. ET, is expected to be the last that Powell will lead as Fed chair.