PANews reported on May 13 that, according to Jinshi News, the U.S. Senate formally confirmed Kevin Warsh as a member of the Federal Reserve Board of Governors on May 12 with a vote of 51 to 45, for a 14-year term. Warsh succeeds Stephen Milan, whose term has ended. His term as governor began on February 1 of this year. The Senate has initiated the confirmation process for Warsh's four-year appointment as both Chairman of the Federal Reserve and current Federal Reserve Chairman, and held a so-called "cloture vote," thus beginning the countdown. Confirmation of his appointment could occur as early as Wednesday local time. Current Chairman Jerome Powell's term ends on Friday.