Sen. Thom Tillis (R-NC) on Sunday said he would vote to confirm Kevin Warsh, President Donald Trump’s nominee for chairman of the Federal Reserve Board of Governors.
The development comes after Tillis, a member of the Senate Banking, Housing, and Urban Affairs Committee, had previously said he would place a hold on any nomination until the Department of Justice ended its investigation into Federal Reserve Chairman Jerome Powell. The DOJ recently announced it would do just that, clearing the way for Trump’s pick to replace Powell to be confirmed by the Senate.
“We worked a lot over the weekend to make sure that we were very clear that we have assurances from the DOJ that I needed to feel like they were not using the DOJ as a weapon to threaten the independence of the Fed,” Tillis told NBC News’s Meet the Press. “So this will allow Mr. Wash to move on with his confirmation on time.”
“I am prepared to move on with the confirmation of Mr. Warsh. I think he’s going to be a great Fed chair,” he added.
The debate over Warsh’s nomination came due to controversy over the White House’s investigation into Powell. Powell suggested it was politically motivated. It was triggered due to President Donald Trump’s anger that Powell declined to lower interest rates, critics suggested, sparking concerns about the central bank’s independence.
TAKEAWAYS FROM KEVIN WARSH’S FED CONFIRMATION HEARING
“Let’s get rid of this investigation so I can support your confirmation,” Tillis said during a Senate Banking, Housing, and Urban Affairs Committee hearing earlier this month.
Warsh’s confirmation vote to be the next Fed chairman is scheduled for April 29.