Republican Sen. Thom Tillis vows to block Trump's Fed nominees following Powell probe
CNBC••business
Key Points:
- Senator Thom Tillis, a Republican, announced he will block any Trump nominees for the Federal Reserve, including the chair position, due to an ongoing DOJ investigation into Chair Jerome Powell for potential perjury charges.
- Tillis's opposition complicates Trump's efforts to replace Powell, whose term ends in May, as the Senate banking committee is closely divided, and even one GOP defection could stall confirmations.
- Powell acknowledged the investigation and suggested it is politically motivated to undermine the Fed's independence and give Trump more control over monetary policy.
- Democratic Senator Elizabeth Warren criticized Trump for allegedly trying to install a compliant Fed chair to serve his interests, calling for the Senate to reject any Trump Fed nominees.
- Despite the controversy, Powell can remain
