Warsh advanced for Fed chair

The Senate Banking Committee has voted 13-11 along party lines to advance Kevin Warsh's nomination to lead the Federal Reserve.

Warsh is positioned to succeed Jerome Powell, whose term ends next month.

The nomination has been a point of contention, with critics fearing Warsh will be less independent than his predecessor.

Powell's decision to remain on the board as a governor is seen as a move to maintain institutional stability during the transition.

The full Senate is expected to vote on the confirmation in the coming weeks.