Sen. Thom Tillis, a North Carolina Republican, said he will no longer block Kevin Warsh's confirmation as Federal Reserve chair after the Justice Department dropped its investigation into current chair Jerome Powell. [1]
Tillis had made the end of the criminal inquiry a شرط for his support. He said the probe into Powell was a serious threat to the Fed's independence and had to end before he could back Warsh. [1]
The Justice Department still allows the Fed's watchdog to examine cost overruns tied to a renovation of a Fed building. Tillis said any appeal of a judge's ruling that quashed Fed subpoenas would be limited to legal questions, not an open investigation. [1]
With Tillis on board, Warsh's nomination is expected to advance out of the Senate banking committee along party lines. The committee was scheduled to vote on the nomination on April 29, 2026. [1]
The timing is tight. Powell's term as Fed chair ends on May 15, 2026, leaving a narrow window for Warsh to clear the Senate and take the oath. Powell has said he plans to stay on the Fed Board until the DOJ probe is over with, and he could remain there through 2028, when his governor term expires. [1]