Analysis: Warsh is one step closer to becoming the next Federal Reserve Chairman, and may receive unanimous Senate confirmation before Powell's term ends.

Kevin Warsh, President Trump's nominee for the next Federal Reserve chairman, won the Senate Banking Committee's vote 13-11, paving the way for his confirmation by the full Senate before Jerome Powell's term ends on May 15. The nomination will then be put to a full Senate vote. Warsh's nomination had been blocked by Republican Senator Thom Tillis until the Justice Department agreed last week to temporarily drop its criminal investigation into cost overruns at the Fed's Washington headquarters renovation project. This vote makes the prospect of the Fed under Warsh's leadership becoming the largest reshuffle of the US central bank in years a reality. In his bid for Trump's nomination, Warsh envisioned a "regime change," promising to shrink the Fed's $6.7 trillion balance sheet, establish a new inflation management framework, and change the way the central bank communicates with the public. However, he offered little detail on how to achieve these goals. (Jinshi)