Kevin Warsh, President Donald Trump’s nominee to serve as the 17th Federal Reserve chair, cleared the Senate Banking Committee on Wednesday in a 13-11 vote, moving him closer to confirmation before current Fed Chair Jerome Powell’s term expires May 15.

Warsh’s advancement came just hours before the Federal Open Market Committee (FOMC) finishes its two-day meeting and is expected to keep benchmark rates steady between 3.5% to 3.75%.

The earliest the full Senate could vote on Warsh’s nomination is the week of May 11, according to Reuters.

The Associated Press reported that Sen. Tim Scott (R-S.C.), chair of the Senate Banking Committee, said details ⇒

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