Summary
U.S. Senator Thom Tillis announced he would vote against President Donald Trump's nominee for the Federal Reserve chair, Kevin Warsh. Tillis cited an ongoing investigation into the current chair, Jerome Powell, as his reason. Warsh needs a simple majority in the Senate to be confirmed.
Key Facts
- President Trump nominated Kevin Warsh to chair the Federal Reserve.
- Senator Thom Tillis opposes Warsh’s nomination due to an investigation into the current chair, Jerome Powell.
- The investigation focuses on Powell's involvement in the renovation costs of the Federal Reserve buildings and his testimony to the Senate.
- Tillis emphasized the need to protect the Federal Reserve's independence from political influence.
- The Senate Republicans hold a narrow majority, making every vote significant for Warsh’s confirmation.
- President Trump has criticized Powell publicly, urging lower interest rates.
- Powell's term as chair of the Federal Reserve ends in May 2026.
- A simple majority is needed in the Senate for Warsh’s confirmation, with the vice president able to break a tie.
