Kevin Warr, nominee for US Federal Reserve Chairman [Reuters Yonhap News]

The U.S. Senate Banking Committee is scheduled to hold a confirmation hearing for Kevin Warr, the nominee for the Federal Reserve (Fed) chairman, on the 16th (local time), U.S. CNBC reported on the 4th, citing sources familiar with the matter.

The confirmation of a Fed chairman nominee requires passing a hearing in the Senate Banking Committee, followed by a vote in a full session.

The Senate Banking Committee, composed of 24 members, currently has a makeup of 13 Republicans and 11 Democrats. If all Democratic members and at least one Republican member express opposition, the confirmation bill cannot pass the committee stage.

While the U.S. Department of Justice continues to pursue its investigation into current Fed Chairman Jerome Powell regarding allegations of overspending on Fed building renovations, Senator Tom Tillis (Republican, North Carolina), a member of the Senate Banking Committee, is maintaining his stance against the confirmation of nominee Warr until the investigation into Chairman Powell is resolved.

Consequently, regardless of the hearing's proceedings, the confirmation vote is likely to be delayed.

In an interview last month, U.S. Treasury Secretary Scott Bessent stated, "Warr is visiting Congress and meeting with senators, and the meetings are going very well. The hearing will take place. The delay is in the vote."

The U.S. federal prosecutor's office is investigating allegations that Chairman Powell committed perjury in Congress in June of last year in relation to the escalating costs of Fed building renovations.

A U.S. court has decided to invalidate the grand jury subpoena against Chairman Powell; however, the Department of Justice remains resolute in its pursuit of an investigation into Chairman Powell.

Powell's term as chairman ends on May 15. If Warr's confirmation is delayed, Chairman Powell is expected to continue to serve as chairman. His term as a Fed governor, separate from his chairmanship, extends until January 2028.

In a press conference last month, Chairman Powell stated that if a successor is not appointed by May 15, he would temporarily remain in his position as chairman beyond that date, adding, "That is what the law requires."

Powell also indicated his intention not to resign from his position as a Fed governor while the Department of Justice's investigation against him continues.