Republican Senator Blocks Federal Reserve Nominee Over Ongoing Investigation
Senator Thom Tillis of North Carolina has declared that he will continue blocking the confirmation of Federal Reserve chair nominee Kevin Warsh until an ongoing criminal investigation involving current Fed Chair Jerome Powell reaches its conclusion.
The Republican lawmaker made his position clear during a Tuesday meeting with reporters at the Capitol, stating that nothing Warsh could say would alter his stance on preventing a Senate floor vote on the nomination.
Tillis emphasized that his opposition centers on procedural concerns rather than personal objections to any individual candidate. He expressed his commitment to protecting the Federal Reserve’s independence from political interference.
Powell currently faces a criminal investigation related to the multi-billion-dollar renovation of the Fed’s Washington headquarters and his congressional testimony regarding the project. The Fed chair has consistently denied any misconduct and maintains that he is being targeted for resisting pressure from former President Trump to implement more aggressive interest rate cuts.
Following his scheduled meeting with Warsh, Tillis confirmed he would oppose advancing the nomination through the Banking Committee unless the Powell investigation concludes first. The senator stressed his concern about maintaining the Federal Reserve’s institutional independence from executive branch influence.
The North Carolina Republican warned about potential market disruptions if the perception emerges that Fed leadership serves at the discretion of the president rather than operating independently.
Tillis also referenced another ongoing controversy involving Fed Governor Lisa Cook, whom Trump attempted to remove based on mortgage fraud allegations made by Federal Housing Finance Agency head Bill Pulte. Cook has denied these claims, and her supporters argue she faces retaliation for opposing Trump’s interest rate policies.
The senator characterized the effort to dismiss Cook as immature and suggested that whoever proposed the action should face consequences.
Despite his procedural objections, Tillis expressed admiration for Warsh’s qualifications and professional background. He noted his familiarity with the nominee’s previous work and voiced frustration about being unable to support the confirmation due to the unresolved investigation.
Seven Banking Committee members, including Tillis, witnessed Powell’s testimony about the headquarters renovation project. The senator argued that these lawmakers saw no evidence of criminal behavior during the proceedings.
Tillis criticized the ongoing investigation as lacking merit and suggested it stems from prosecutorial overreach. He called for authorities to abandon the probe to allow Warsh’s confirmation to proceed.
Meanwhile, Senator Cynthia Lummis of Wyoming offered praise for Warsh following her own Tuesday meeting with the nominee. The Republican lawmaker described their conversation as productive and emphasized her interest in Fed leadership that embraces financial innovation, including digital assets, rather than restricting technological advancement in the financial sector.