Pressure grows, but leaders say election bill lacks votes to beat filibuster

WASHINGTON, DC: President Donald Trump’s nominee for Federal Reserve chairman, Kevin Warsh, remains stalled in the Senate after Senator Thom Tillis (R-NC) said Wednesday, March 11, that he will continue blocking the nomination until the Department of Justice (DOJ) completes its investigation into current Fed Chair Jerome Powell.

In a post on X, Tillis said he would not move forward with the confirmation process until the inquiry is resolved.

The decision presents a significant obstacle for the administration because Tillis sits on the Senate Banking Committee, which oversees Federal Reserve nominations.

With the committee closely divided, Tillis’s position effectively prevents the nomination from advancing to a full Senate vote, leaving the future leadership of the central bank unresolved.

Impeccable credentials but investigation persists

Despite opposing the timing of the confirmation vote, Tillis spoke positively about Warsh following a meeting between the two on Wednesday.

The senator said Warsh “possesses impeccable credentials” and outlined a “clear vision” for preserving the Federal Reserve’s independence while pursuing its dual mandate of price stability and maximum employment.

Still, Tillis said the ongoing criminal investigation involving Powell makes it inappropriate to proceed with a vote at this time.

He added that he is awaiting further clarification from the DC District Court regarding the details of the case before determining his position on confirming a successor.

Banking Committee members claim no crime

Tillis’s stance comes as several Republican members of the Senate Banking Committee have publicly suggested that Powell did not commit a crime.

Seven GOP lawmakers on the panel, including the committee chairman, have indicated they believe the investigation may not ultimately lead to charges.

Tillis referenced those statements in his public remarks but said he still wants additional clarity before allowing the confirmation process to move forward.

By maintaining his hold on the nomination, Tillis has tied the timeline for the Federal Reserve leadership transition to the outcome of the DOJ’s investigation into Powell.

Seeking May confirmation for critical role

The delay has prompted Tillis to call for a quicker conclusion to the DOJ investigation. He said he hopes the department will complete its review soon so the Senate can shift its focus back to confirming a new Federal Reserve chairman.

“I hope the DOJ moves quickly to conclude the investigation of Chairman Powell so that we can confirm Kevin Warsh to this critical role by May,” Tillis wrote.

Until the investigation concludes, the nomination remains in limbo, leaving the Senate Banking Committee unable to advance Trump’s pick to lead the Federal Reserve.