Senator Tillis Supports Warsh's Nomination for Federal Reserve Chair

Senator Thom Tillis of North Carolina has announced his support for Kevin Warsh's nomination as Federal Reserve Chair, following the Department of Justice's decision to end its investigation into current Chair Jerome Powell. Tillis had previously withheld support pending the outcome of the probe into the Federal Reserve's $2.5 billion building renovations. With the investigation concluded without criminal findings, Tillis stated, "I am prepared to move on with the confirmation of Mr. Warsh. I think he’s going to be a great Fed chair."

The Senate Banking Committee is scheduled to vote on Warsh's nomination on Wednesday. Warsh, a former Federal Reserve governor, has pledged to act as an independent actor if confirmed. His nomination has faced criticism from some Democrats, including Senator Elizabeth Warren, who expressed concerns about his alignment with President Trump's policies.

The conclusion of the DOJ's investigation removes a significant obstacle to Warsh's confirmation process. The investigation had been criticized as a politically motivated effort to pressure Powell into resigning. With the probe now closed, the path is clearer for Warsh to assume the role of Federal Reserve Chair upon Powell's term ending on May 15.