Senator Thom Tillis of North Carolina announced his readiness to proceed with Kevin Warsh’s nomination as chairman of the Federal Reserve’s Board of Governors, ending his previous blockade. Tillis, a Republican on the Senate Banking Committee, had withheld support for any Fed nominations while the Justice Department investigated current chairman Jerome Powell. The investigation, related to a $2.5 billion renovation of the Fed’s headquarters, was closed by U.S. Attorney Jeanine Pirro, with the possibility of reopening only if the Fed’s inspector general makes a criminal referral. Tillis expressed confidence in Warsh’s potential as Fed chair and emphasized the importance of the Fed focusing on its mission without distractions. Powell’s term ends on May 15, and Warsh’s nomination will be voted on by the Banking Committee, which consists of 13 Republicans and 11 Democrats. The investigation had involved grand-jury subpoenas, which were blocked by a judge, and Pirro plans to appeal the decision.
QUESTION: How might the resolution of this investigation impact the Federal Reserve’s ability to focus on its economic responsibilities?
Tillis says he’s ready to move forward with Warsh’s nomination for Fed chair
