Tillis to allow confirmation vote on Federal Reserve nominee Warsh
HUNT VALLEY, Md. (TNND) — Senator Thom Tillis, the North Carolina Republican who has blocked the confirmation of Federal Reserve nominee Kevin Warsh, announced Sunday he will end his protest.
The lawmaker said in a social media post that the Department of Justice’s recent termination of its investigation into Chair Jerome Powell was necessary for a confirmation vote on his replacement. Tillis, who is part of a slim Republican majority in the Senate Banking Committee, has blocked Warsh’s nomination from advancing to the full chamber while the investigation developed.
Jeanine Pirro, the head federal prosecutor for Washington, D.C., said Friday that she will hand off her probe to the Federal Reserve’s inspector general.
“With these assurances, I look forward to supporting Kevin Warsh’s confirmation,” Tillis wrote on X. “He is an outstanding nominee, and it is time for the Federal Reserve to move beyond this distraction and return its full attention to its mission.”
The Banking Committee plans to vote on Warsh on Wednesday. The support of Tillis, who was siding with Democrats against the nominee, will likely send him to the full Senate, where a simple majority could confirm him in the coming weeks.
Banking Democrats have cautioned Republicans against approving Warsh. The DOJ has left the door open to restarting its investigation into Powell, Ranking Member Elizabeth Warren said this past weekend, and his replacement will only serve as a mouthpiece for President Donald Trump.
“No Republican claiming to care about Fed independence should support moving forward the nomination of Kevin Warsh, who proved in his nomination hearing to be nothing more than President Trump’s sock puppet,” Warren said in a statement.
Warsh rejected her claim during his confirmation hearing last week, telling the Banking Committee that he would preserve the Federal Reserve’s independence and credibility.
“It’s the most important thing to me, it’s the most important thing to the institution, and it’s the most important thing to the successful conduct of policy,” Warsh said.
Trump and his allies have threatened the Federal Reserve’s autonomy over the past year. The president, who has unsuccessfully sought to fire Powell, is framing his anger over the chair’s policymaking as a check on his monetary authority.
Trump has described the Federal Reserve’s cost overruns in its headquarters renovations as a potentially criminal offense. Pirro’s team, which sent Powell subpoenas earlier this year, has admitted that it lacks evidence against the chair, however.
The administration’s hostility toward Powell stems from his refusal to set interest rates at levels demanded by Trump.
Do you have questions, concerns or tips? Send them to Ray at rjlewis@sbgtv.com.