Jerome Powell

The outgoing chair has made some mistakes, but his decision to stand up to Trump was heroic

Warsh will serve a four-year term as chair and a 14-year term as a Fed governor

The incoming Fed chief has pledged to divest sizeable financial assets before taking office

He helped the US economy navigate one of the most tumultuous periods of its history

President Donald Trump has repeatedly attacked the Fed for not lowering interest rates as aggressively as he would like

Outgoing chief Powell wants to stay on as a governor mainly as a guard dog for the central bank’s continued independence

Fed chairs traditionally resign from the central bank altogether when their chair terms expire

The vote makes real the prospect of a Warsh-led Fed that promises the biggest shake up of the US central bank in years

His successor Kevin Warsh is viewed as more responsive to the Trump administration