Kevin Wersh, President Donald Trump’s nominee to lead the Federal Reserve, moved one step closer to becoming the next US central bank chief after the Senate Banking Committee approved his nomination on Wednesday, the AP reports.The committee voted 13–11 along party lines, with all Republican senators supporting Wersch and all Democrats opposing him. The AP reported that a full Senate vote is likely to take place next month, and Wersch could be confirmed before current Fed Chairman Jerome Powell’s term ends on May 15.Warsh is a former Federal Reserve official, but he has also emerged as a sharp critic of the institution and Powell’s leadership.He has called inflation increasing to 9.1 percent in 2022 as the Fed’s biggest policy mistake in four decades.The committee’s vote came on the same day that Powell chaired what is expected to be his final meeting of the Fed’s rate-setting committee as chairman.At a news conference later on Wednesday, Powell was expected to indicate whether he would remain on the Fed’s Board of Governors after stepping down as chairman.It would be unusual for Powell to remain in the post, but such a move would not give the Trump administration an immediate opportunity to appoint another board member. Analysts say Powell may consider staying on to help maintain the Fed’s independence, a key part of his tenure.Senator Tim Scott, the Republican chairman of the committee, said Warsh has been “battle tested” and added, “It is incredibly important that we break the stranglehold Bidennomics has on homes across this country.”Senator Elizabeth Warren, a Democrat from Massachusetts, criticized the panel’s decision.Doing so would “bring the President one step closer to completing his illegal effort to seize control of the Fed and artificially influence the economy,” he said, referring to Trump’s efforts to remove Fed Governor Lisa Cook and investigate Powell.The market widely expects the Federal Reserve to leave its benchmark interest rate unchanged at about 3.6 percent on Wednesday, the third straight rate cut despite Trump’s repeated calls for lower rates.Warsh has called for “regime change” at the Fed and may try to change a number of institutional practices, including the economic models it uses, how it communicates with markets, and the long-term size of its bond holdings.Such changes may matter more to investors than directly to consumers.Warsh also supported further cuts in rates, which could lower the cost of borrowing for mortgages, car loans and business loans. However, quick cuts may prove difficult to implement after petrol prices soared following the Iran war and inflation reached a two-year high of 3.3 percent.The Fed generally keeps rates high or raises them when inflation is bad.Most of the other 11 members of the Fed’s rate-setting committee have indicated they prefer to wait and assess inflation and growth trends before changing rates.Warsh also replaces Trump-appointed committee member Stephen Miron, who has been one of the strongest voices supporting lower rates.