PANews reported on May 14th that the US Senate confirmed Warsh as the new Federal Reserve Chairman by a vote of 54 to 45. The Senate had previously approved Warsh's appointment as a Fed Governor on May 12th for a 14-year term. With the confirmation on May 13th, Warsh will officially assume office after completing the necessary signing procedures at the White House, succeeding current Chairman Powell, whose term ends this Friday (May 15th). However, Powell is expected to remain on the Fed Governor board. This vote was the most partisan in history: only one Democrat—Pennsylvania Senator John Fetman—joined the Republican majority in voting in favor.