Senator Tillis Supports Warsh's Fed Chair Nomination Following DOJ's Conclusion of Powell Investigation

Senator Thom Tillis (R-N.C.) has declared his readiness to support Kevin Warsh's nomination as the next Chair of the Federal Reserve, following the Department of Justice's decision to conclude its investigation into current Chair Jerome Powell.

Tillis had previously withheld his support for Warsh's confirmation, citing concerns over the DOJ's probe into Powell, which he viewed as a potential threat to the Federal Reserve's independence. With the investigation now closed, Tillis stated, "I am prepared to move on with the confirmation of Mr. Warsh."

The DOJ's investigation focused on cost overruns related to a $2.5 billion renovation project at the Federal Reserve. Assistant U.S. Attorney Andrew Massucco conceded during a March 3 hearing that no evidence of a crime was found, leading Chief Judge James Boasberg to quash government subpoenas issued to the Federal Reserve.

Kevin Warsh, a former Federal Reserve governor, has emphasized his commitment to maintaining the central bank's independence. During his confirmation hearing, he stated his intention to remain an "independent actor," addressing concerns about potential political pressure.

With Senator Tillis's support, Warsh's nomination is expected to advance through the Senate Banking Committee and proceed to a full Senate vote. The confirmation process will be closely watched, given the Federal Reserve's pivotal role in shaping U.S. monetary policy amid current economic challenges.