The U.S. Senate confirmed Kevin Warsh as the next chair of the Federal Reserve on May 13 in a 54-45 vote, the closest such confirmation in the modern era. John Fetterman was the only Democrat to support the nomination. Warsh succeeds Jerome Powell as chair; Powell remains as a governor, the first Fed chair to return to the board in nearly 80 years. Warsh’s first meeting as chair of the Federal Open Market Committee is scheduled for June 16-17.