Tillis says he's ready to move forward with Warsh's nomination for Fed chair
Summary
Senator Thom Tillis said he is ready to support Kevin Warsh's nomination to lead the Federal Reserve after the Justice Department ended a criminal investigation into current Fed Chairman Jerome Powell. Tillis had blocked nominations until the investigation was closed, and now the Senate Banking Committee plans to vote on Warsh’s confirmation.Key Facts
- Senator Thom Tillis is a Republican on the Senate Banking Committee from North Carolina.
- Tillis blocked Federal Reserve nominations while the Justice Department investigated Chairman Jerome Powell.
- The Justice Department ended its criminal probe related to a $2.5 billion renovation of the Fed's headquarters.
- Tillis received assurances the investigation will only resume if the Fed’s inspector general finds criminal issues.
- President Donald Trump nominated Kevin Warsh to be the next Fed chairman, with Powell’s term ending May 15.
- The Fed renovation project began in 2017 and increased in cost from $1.9 billion to $2.5 billion.
- The Fed inspector general is reviewing the project and will share findings publicly and with Congress.
- The Senate Banking Committee will vote on Warsh’s nomination soon, with 13 Republicans and 11 Democrats.
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