Kevin Warsh set to clear key Senate hurdle to replace Fed chair Powell

Kevin Warsh, ​Donald Trump’s pick to lead the Federal Reserve , is set to clear a key procedural hurdle on Wednesday, opening ‌the way for him to succeed Jerome Powell in coming weeks amid the White House’s unprecedented efforts to exert control over the world’s most powerful central bank. The Senate banking committee is set to vote at 10am EDT (1400 GMT) to advance Warsh’s nomination to the full Republican-controlled Senate. All 13 Republicans on ​the panel are expected to support Warsh after Thom Tillis , a North Carolina senator, dropped his opposition following the Department of Justice’s ​decision on Friday to end a criminal investigation into Powell that Tillis viewed as a threat to the ⁠Fed’s political independence. The panel’s 11 Democrats, who say they doubt Warsh’s promise to set policy without regard to the president’s wishes, ​are expected to vote against him. The vote will take place as Powell leads what’s likely to be his last policy-setting meeting as Fed ​chief. The policy-setting federal open market committee is universally expected to leave its benchmark overnight interest rate unchanged in the current 3.50%-3.75% range, given still-elevated inflation and upward pressure on prices from the disruption to global oil supplies due to the Iran war. …