The U.S. Senate officially confirmed Kevin Wash as the next Federal Reserve chairman on the 13th (local time), upon the expiration of Jerome Powell's term on Friday (15th).

The vote was 54 in favor and 45 against, following the Senate's confirmation of him as a board member earlier this week.

Powell's term as chairman expires this week, but his term as a Fed governor extends until January 2028. He has stated his intention to remain on the board until the findings of an investigation into renovations at the Federal Reserve building in Washington D.C. are released.

The Justice Department initiated a criminal investigation into Powell regarding the project but concluded the investigation earlier this month. Federal Inspector General Michael Horowitz is expected to release his own report soon.

Throughout his tenure, Chairman Powell faced criticism from President Trump for his reluctance to lower interest rates. President Trump had been calling for rate cuts as a means to stimulate the economy.

U.S. NNP= Chief Reporter Sung Ku Hong / Special Correspondent NNP info@newsandpost.com