Jay Powell, the nominee for Federal Reserve Chairman, has passed a key procedural hurdle and is now heading towards the confirmation vote in the Senate.

The next nominee for Federal Reserve Chairman, Kevin Wash, nominated by U.S. President Donald Trump, passed a key procedural vote in the Senate on Monday, bringing the Senate one step closer to officially confirming the nomination and smoothly transitioning power from current Federal Reserve Chairman Jerome Powell. Powell's term as chairman will expire this Friday. The Senate is expected to vote for confirmation of Wash's 14-year term as a Federal Reserve Board member as early as Tuesday after the so-called "end debate vote" held on Monday. Subsequently, senators will begin the confirmation process for his four-year term as Federal Reserve Chairman, with a vote on the nomination to be held as early as Wednesday. In a vote on Monday evening with 49 in favor and 44 against, the Senate initiated the end debate process for Wash's nomination as a Federal Reserve Board member. Following this process, the Senate will move towards the final confirmation vote. The vote was largely split along party lines, with Pennsylvania's John Feitman and Delaware's Chris Coons being the only two Democratic senators to vote in favor and support the nomination. As the independence of the Federal Reserve faces a test, the Republican-controlled Senate is expected to approve Wash as the next leader of the Federal Reserve. Trump has taken unprecedented actions to control the Federal Reserve, including trying to dismiss Federal Reserve Board member Lisa Cook - a case that is currently before the Supreme Court. Additionally, he has supported the U.S. Department of Justice's investigation into Powell's management of a building renovation project. A federal judge ruled that this investigation was a pretext to pressure Powell into lowering interest rates or resigning.