Senator Thom Tillis speaks at a hearing, with officials in the background.
Sen. Thom Tillis, R-N.C., is blocking Kevin Warsh’s Federal Reserve chairman nomination until the Justice Department ends its investigation into current Fed Chair Jerome Powell. Tillis argues the nomination process can’t proceed with the probe ongoing.
“At the end of the day, there’s only one thing that solves this problem, and it’s getting rid of the bogus investigation that started without the president’s knowledge and has created this situation,” Tillis told FOX Business.
The investigation, which Powell confirmed on January 11, focuses on his congressional testimony related to the renovation of the Federal Reserve’s headquarters. Powell characterized the probe as “unprecedented,” linking it to perceived threats from President Trump.
The Fed’s renovation project, estimated at $2.5 billion and funded by the central bank, includes upgrades to its two main office buildings. Powell previously stated that the project does not include “new marble” or “special elevators,” but rather addresses safety and waterproofing issues.
Warsh, nominated by Trump in January, is slated to lead the Federal Reserve. The role comes during scrutiny over the Fed’s independence and mounting cost-of-living challenges.
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