Washington DC, May 13 -- The Senate on Wednesday (local time) confirmed Kevin Warsh to serve as the 17th chair of the Federal Reserve, as he succeeds Jerome Powell.

CNN Business reported that Warsh was confirmed in a 54-45 vote, which was split along party lines, with only Democratic Senator John Fetterman of Pennsylvania crossing the aisle to vote in favour of Warsh's nomination.

Warsh's first meeting as Fed chair is set for June 16-17, with former Fed Chair Powell retaining a seat as governor for now.

It further reported that the vote was the most partisan for a Fed chair nominee in history.

Warsh is set to lead the central bank as the economy stands rattled by geopolitical tensions, which are driving inflation higher in the United ...