Investing.com -- Kevin Warsh, President Donald Trump’s nominee to lead the Federal Reserve, cleared a procedural hurdle on Wednesday as the Senate Banking Committee voted to advance his nomination to the full Senate.

The committee vote saw Warsh secure backing from all 13 Republicans on the panel. North Carolina Senator Thom Tillis, who previously opposed the nomination, reversed his position after the Justice Department closed a criminal investigation into Jerome Powell on Friday. Tillis had argued the investigation threatened the Fed’s political independence.

The committee vote took place as Powell presided over what is expected to be his final policy meeting as Fed chair. The Federal Open Market Committee is anticipated to hold its benchmark interest rate steady in the 3.50% to 3.75% range. The decision to pause rate cuts reflects concerns over elevated inflation, which has been affected by global oil supply disruptions caused by the war in Iran.

Warsh, a 56-year-old lawyer, financier, and former Fed governor, is expected to be confirmed by the Republican-controlled Senate. He has pledged to bring "regime change" to the central bank.