The U.S. Senate has confirmed Waugh as the new Chair of the Federal Reserve with a 54 to 45 vote. This decision follows Waugh's earlier appointment as a Federal Reserve Governor for a 14-year term. Waugh will officially take over the chairmanship after completing signing procedures at the White House, succeeding Chair Powell, whose term concludes on May 15. Powell is expected to continue serving as a Federal Reserve Governor. The confirmation vote was notably partisan, with only one Democrat, Senator John Fetterman, joining the Republican majority in support.