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Sen. Thom Tillis, R-N.C., said he will oppose Trump’s next pick to chair the Federal Reserve until the administration ends its probe of the current one.
Tillis, who hasn’t shied away from clashing with the Trump administration — and who won’t be pursuing re-election — announced he would block the confirmation of Kevin Warsh in a post to X on Friday morning.
“Kevin Warsh is a qualified nominee with a deep understanding of monetary policy,” Tillis wrote. “However, the Department of Justice continues to pursue a criminal investigation into Chairman Jerome Powell based on committee testimony that no reasonable person could construe as possessing criminal intent.”
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“I will oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved.”
Powell, who has led the Fed since Trump nominated him to the post in 2017, is under investigation by the DOJ for his management of a $2.5 billion renovation of the Fed’s headquarters and statements he made under oath before the Senate about its construction.
The Trump administration is investigating whether Powell knowingly misled lawmakers about the project’s length and expenses.
Although the investigation formally has nothing to do with Powell’s responsibilities as Fed chair, a bipartisan group of lawmakers has interpreted the probe as a way for Trump to put pressure on Powell to cut interest rates.
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Trump has repeatedly called for such a change and Powell has resisted so far, citing a need for the agency to protect its independent operations.
The Fed maintains U.S. financial stability by governing the U.S. money supply and credit conditions to keep inflation under control and maximize employment — a mission Powell has said needs to be separate from the political goals of any given administration.
Rep. Brad Sherman, D-Calif., a top Democrat on the House Financial Services Committee, believes there’s a clear connection between the DOJ probe and frustrations Trump has over Powell’s refusal to slash rates.
“Look, there are lots of federal buildings being built. Trump doesn’t have an opinion on how efficiently they’re being built. Nobody believes that this is about testimony before the Senate committee,” Sherman said earlier in January when the DOJ announced its investigation.
“It’s simply outrageous,” he added.
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At the time, Tillis similarly condemned the DOJ probe and promised to block any new nomination for the Fed chair position until the administration dropped that probe.
“Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable. My position has not changed,” Tillis said.