Kevin Warsh was narrowly confirmed Wednesday by the Senate to serve as the 17th chair of the Federal Reserve, inheriting a central bank that has long been under political siege from President Donald Trump and an economy rattled by geopolitical tensions that are driving inflation higher.

Kevin Warsh won Senate confirmation to the Fed board, clearing a key step toward replacing Jerome Powell as Fed chair.

Warsh’s confirmation to the Fed board positions the crypto-linked investor to replace Jerome Powell as chair amid inflation and digital asset policy debates.