A US Senate committee approves the appointment of Worsh as Chairman of the Federal Reserve

Today, Wednesday, the US Senate Banking Committee approved the appointment of Kevin Worsch as Chairman of the Federal Reserve, succeeding Jerome Powell, who is under repeated criticism from US President Donald Trump because of his refusal to accelerate the pace of lowering key interest rates according to Trump’s wishes.
The vote in favor of Wershe was 13 to 11, with all Republican members of the committee voting in favor of the appointment, while all Democratic members voted against it.
While Worsh was previously a senior Fed official, he has been a vocal critic of the Fed and Powell’s leadership, and has described the rise in inflation to 9.1% in 2022 as the biggest policy mistake the US central bank has made in four decades. The Senate as a whole likely won’t vote on his confirmation until next month, but he could be confirmed before Powell’s term as Senate speaker ends on May 15.
Republican Senator from South Carolina and Chairman of the Committee Tim Scott said that Worsh is a “battle expert,” adding: “It is critical that we break the shackles of Joe Biden’s (former US President) economic policies that are burdening families across the country.”
On the other hand, Massachusetts Democratic Senator Elizabeth Warren criticized the Banking Committee for voting in favor of appointing Warsh.
She said that this “will bring Trump one step closer to completing his illegal attempt to control the Federal Reserve and artificially stimulate the economy,” referring to Trump’s efforts to dismiss Lisa Cook, the governor of the Federal Reserve, and investigate Powell, the chairman of the Federal Reserve.