Senator Thom Tillis (R-NC) has declared his support for Kevin Warsh, nominated by President Donald Trump to chair the Federal Reserve. This announcement came after the Department of Justice closed its investigation into the current Fed Chair, Jerome Powell.
Tillis had initially resisted backing Warsh, whose nomination aims to replace Powell when his term expires on May 15. His earlier hesitance hinged on the DOJ’s inquiry, which looked into cost overruns related to the Fed’s Washington headquarters.
In prior statements, Tillis noted the investigation lacked evidence of criminal intent and warned that it could threaten the central bank’s independence.
“Kevin Warsh is a qualified nominee with a deep understanding of monetary policy,” Tillis remarked after the nomination was announced. He emphasized the importance of protecting the Federal Reserve from political meddling and legal threats.
During Warsh’s confirmation hearing, Tillis reiterated his reservations while expressing high regard for the nominee’s credentials.
He stated, “You have extraordinary credentials. They’re impeccable. However, this investigation into Chair Powell seems unfounded and politically motivated.” Tillis highlighted his desire for the inquiry to be resolved so he could support Warsh’s confirmation.
For months, Tillis maintained his position, delaying the nomination despite calling Warsh a “perfect candidate” in past interviews.
After the DOJ’s closure of the investigation, Tillis expressed readiness to back Trump’s nominee. “I believe Mr. Warsh will be an excellent Fed chair,” he told “Meet The Press.”
Tillis also clarified in a written statement that he trusts the Justice Department’s assessment that the case is concluded, ensuring any future actions would necessitate a referral from the inspector general.
His shift in support is pivotal for advancing Warsh’s nomination. Although Republicans have a 13-11 majority on the Senate Banking Committee, Democrats have unified against Warsh. Without Tillis’ vote, the nomination faced significant obstacles.
His newfound support paves the way for a committee vote set for Wednesday, April 29, likely leading to a full floor vote soon after, as Powell’s term is about to end on May 11.
