The Senate advanced Kevin Warsh's nomination Monday night to be a member of the Board of Governors of the Federal Reserve, marking the first step this week for his confirmation as the next chairman of the Fed.

The move comes after North Carolina Republican Sen. Thom Tillis dropped his hold on Warsh's nomination to replace current chairman Jerome Powell last month because the Justice Department dropped its investigation into Powell.

Democratic Sens. John Fetterman of Pennsylvania and Chris Coons of Delaware voted in favor of advancing Warsh's nomination alongside Republicans in a 49-44 split.

Warsh is expected to be confirmed to the board Tuesday and then as chairman as early as Wednesday, according to Politico. Warsh previously served as a governor on the Fed board during the 2008 financial crisis.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.