Kevin Warsh, nominated by Trump as the next Federal Reserve Chair, has cleared a significant procedural hurdle in the U.S. Senate. On Monday, the Senate conducted a "cloture vote," paving the way for a confirmation vote as early as Tuesday. Warsh is set to replace Powell, whose term ends this Friday. The Senate is expected to confirm Warsh for a 14-year term as a Fed Governor, followed by a separate vote for his four-year term as Fed Chair, potentially occurring on Wednesday. With the Senate under Republican control, Warsh's approval is anticipated. His first meeting as Chair could be during the Fed's next session on June 16–17.