Kevin Warsh, as much as any other recent Federal Reserve Chairman, is fully qualified for the job. The only impediment to his nomination moving forward was Sen. Thom Tillis, who objected to the Department of Justice’s investigation of current Fed Chairman Jerome Powell for wasting billions of dollars on the renovation of the Fed’s Washington, D.C. headquarters.
That investigation has now been dropped by the DOJ, and it appears that Tillis, a member of the Senate Banking Committee, will allow Warsh’s nomination proceedings to move forward without objection. CNBC’s Matt Peterson and Garrett Downs report:
Sen. Thom Tillis said Sunday he is willing to end his blockade of Federal Reserve chair nominee Kevin Warsh after the U.S. Department of Justice dropped its criminal investigation of Fed Chair Jerome Powell.
Warsh now has a clear path to replacing Powell as the next leader of the Fed when Powell’s term expires in mid-May. The Senate Banking Committee is set to vote on his confirmation on Wednesday, and the full Senate could take it up shortly after.
With Tillis’s support, the confirmation of President Donald Trump’s pick to lead the Fed is all but assured.
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