Kevin Warsh would be one of the wealthiest Fed Chairs in recent decades, with a net worth exceeding $100 million|@WhiteHouse|X

The Senate voted 54-45 on Wednesday to appoint Kevin Warsh as the Federal Reserve chairman. He will succeed outgoing Chair Jerome Powell, whose term ends tomorrow.

The confirmation largely followed party lines, although Democratic Senator John Fetterman joined Republicans in supporting the nomination.

Warsh is among the wealthiest Fed Chairs in recent decades, with a net worth exceeding $100 million, according to financial disclosures.

He was separately confirmed on Tuesday to a position on the Board of Governors with a term extending through 2040.

The vote points to worries about Warsh’s Fed independence amid Trump’s repeated pressure on Powell. But rising inflation from the Iran war could limit room for rate cuts.