The Globe and Mail reports in its Thursday, May 14, edition that the U.S. Senate on Wednesday confirmed Kevin Warsh to become the next chair of the Federal Reserve. A New York Times dispatch to The Globe reports that Mr. Warsh was approved on a 54-45 vote. He will replace Jerome Powell, whose term as chair ends Friday. All but one Democrat in the upper chamber voted against Mr. Warsh, reflecting lingering concerns about his willingness to uphold the long-standing political independence of the central bank. President Donald Trump has taken direct aim at that autonomy since returning to the White House last year. He is currently embroiled in a legal fight with Lisa Cook, a Fed governor he tried to fire over unsubstantiated allegations of mortgage fraud. The president has also repeatedly insulted Mr. Powell, threatened to fire him and even backed a Justice Department criminal investigation into his handling of renovations of the Fed's headquarters. That investigation was once a major impediment to Mr. Warsh's confirmation. That impediment was removed last month. Mr. Powell plans to stay at the Fed after his chair term ends on Friday and would continue to serve as a governor, a position he can hold until January, 2028.