Tillis says he's ready to move ahead with confirming Warsh as Trump's pick as Fed chair
WRAL • • general
Key Points:
- Republican Senator Thom Tillis has dropped his opposition to Kevin Warsh's nomination as Federal Reserve chair after the DOJ ended its investigation into current chair Jerome Powell's handling of Fed building renovations.
- Tillis cited assurances from the Justice Department that the investigation was fully settled and not being used as leverage to force Powell's early departure, removing a key obstacle in the GOP-controlled Senate Banking Committee.
- The committee plans to vote on Warsh's nomination on Wednesday, amid criticism from Democrats who view Warsh as overly aligned with President Trump.
- Powell's term as Fed chair ends May 15, but he may remain on the Fed's board of governors until 2028, potentially limiting Trump's ability to appoint new members.
- The DOJ investigation into the Fed's $2.5 billion renovation project was seen by some as politically motivated, with no evidence of criminal wrongdoing found; however, the DOJ has stated it will reopen investigations if new evidence emerges.
