May 13 (UPI) -- The U.S. Senate voted to confirm Kevin Warsh on Wednesday as the new chairman of the Federal Reserve. Warsh, who was nominated by President Donald Trump, succeeds Jerome Powell, who has been frequently criticized by the president for not lowering interest rates in accordance with Trump's demands.

The Senate confirmed President Donald Trump’s nominee to lead the Federal Reserve, Kevin Warsh, bringing new leadership to the world's most powerful central bank at a fraught moment for the global economy. Warsh, 56, a former top Fed official, was confirmed Wednesday in a largely party-line 54-45 vote and will…

Kevin Warsh is set to replace outgoing Fed chair Jerome Powell, who has been a frequent target of President Trump's criticism.

The Senate voted 54 to 45 to confirm Kevin Warsh as Federal Reserve chair, who like Trump has advocated for lower interest rates.

Warsh, 56, a former top Fed official, will become chair at an unusually difficult time for the independent agency.

Kevin Warsh was confirmed as the new Federal Reserve chair by the Senate, ushering in a new era at the central bank.

The Senate has confirmed Kevin Warsh as chairman of the Federal Reserve.