Nominee for U.S. Federal Reserve Chair Kevin Warsh [Yonhap News Agency file photo/Reuters] The nomination of Kevin Warsh as the nominee for Chairman of the U.S. Federal Reserve (Fed) passed the Senate Banking Committee on the 29th (local time).

Confirmation will be finalized through a vote by the full Senate. Once this process is complete, Warsh is expected to be inaugurated on the 15th of next month, following the end of current Fed Chairman Jerome Powell's term.

The Senate Banking Committee held a meeting on this day and passed the nomination of Warsh, according to reports from AP, Reuters, and other news outlets.

All 13 Republican members of the committee voted in favor, while 11 Democratic members cast dissenting votes.

President Trump nominated Warsh as the next Fed Chairman in January.

Subsequently, the confirmation process was slowed down as some members of the ruling Republican party opposed the nomination, urging the Justice Department to halt its investigation into allegations of excessive spending on Fed building renovations, which was aimed at Chairman Powell.

The confirmation gained momentum after the Justice Department announced on the 24th that it would end its investigation into Chairman Powell. Republican Senator Tom Tillis (North Carolina), who had previously opposed the nomination, cast a vote in favor on this day.

In his confirmation hearing on the 21st, nominee Warsh stated, "Presidents tend to favor interest rate cuts," but also said, "The independence of the Fed depends on the Fed," indicating his stance on making monetary policy decisions based on the Fed's independent judgment.

Chairman Powell is scheduled to chair the Federal Open Market Committee (FOMC) meeting today to decide on the benchmark interest rate. This meeting is expected to be the last FOMC chaired by Powell, and there is a strong possibility that interest rates will be kept unchanged.