Tillis will support Warsh, clearing way for Trump's Fed pick
Summary
Senator Thom Tillis said he will support Kevin Warsh’s nomination to be the next Federal Reserve chair, removing a major obstacle for President Trump’s pick. This decision came after the Department of Justice ended its investigation into current Fed chair Jerome Powell, meeting Tillis’s condition for backing Warsh.Key Facts
- Senator Tillis had blocked Warsh’s confirmation until the DOJ investigation into Jerome Powell ended.
- The DOJ dropped the criminal probe into Powell last week.
- The DOJ will still allow an investigation into cost overruns at the Fed’s building renovation project.
- Tillis was assured the DOJ might appeal a judge’s decision to stop Fed subpoenas, but not to continue the criminal investigation.
- With Tillis’s support, Warsh’s nomination will likely move forward in the Senate banking committee.
- Jerome Powell’s current term as Fed chair ends on May 15, giving less than three weeks for Warsh’s confirmation.
- Powell may remain on the Fed’s board until 2028 if the investigation resolves to his satisfaction.
- Tillis said Powell will decide when to leave the board based on the investigation’s final results.
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