Sen. Thom Tillis said Sunday he'll no longer stand in the way of a Senate vote on Kevin Warsh to lead the Federal Reserve, now that the Justice Department has closed its criminal investigation into current Fed Chair Jerome Powell. The Republican had threatened to block any Fed nominee while the investigation into Powell's handling of a $2.5 billion renovation of two Fed buildings remained open, arguing it endangered the central bank's political independence. "I am prepared to move on with the confirmation of Mr. Warsh," Tillis said on NBC's Meet the Press, per Reuters, adding that Warsh "is going to be a great Fed chair."
The Republican said he's been assured that the investigation of Powell will only be reopened if the Fed's internal watchdog discovers evidence the current chair committed criminal wrongdoing, per the Washington Post. "I believe that there will not be any wrongdoing," Tillis said Sunday, per the AP. With Tillis' support, Republicans on the Senate Banking Committee have the votes to advance the nomination over Democratic opposition, setting up confirmation by the full Senate, Reuters reports. The schedule is tight: Powell's term as chair ends May 15, and the Senate is due to be in recess for part of the remaining three weeks. Powell has said he will stay on as temporary chair if Warsh is not confirmed in time, and he can remain on the Fed's Board of Governors for another 18 months.
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