Senate panel backs Fed chair nominee

WASHINGTON — Kevin Warsh, President Donald Trump's pick to lead the Federal Reserve, cleared a key procedural hurdle Wednesday, opening the way for him to succeed Jerome Powell next month amid the White House's unprecedented efforts to exert control over the world's most powerful central bank.

The Senate Banking Committee voted 13-11 along party lines to advance Warsh's nomination to the full Republican-controlled Senate, which is expected to confirm him in a vote the week of May 11. Powell's term as U.S. central bank chief ends May 15.