Overview
- In a Wednesday CNBC interview, Sen. Thom Tillis said he will oppose any Federal Reserve nominee until the DOJ fully resolves its criminal inquiry into Chair Jerome Powell, a stance that can deadlock the 13–11 Banking Committee.
- Tillis said he would keep the hold even if prosecutors sought to drop the case in exchange for Powell stepping aside, insisting the investigation must be concluded through a formal resolution.
- Democrats on the Banking Committee, led by Sen. Elizabeth Warren, asked Chair Tim Scott to delay Kevin Warsh’s nomination until DOJ probes of Powell and Governor Lisa Cook are closed.
- President Trump this week urged U.S. Attorney Jeanine Pirro to take the Powell investigation “to the end,” accepting that his nominee could be stalled as the inquiry continues.
- The investigation involves grand jury subpoenas tied to cost overruns in the Fed’s headquarters renovation; Powell denies wrongdoing and says the probe is intended to pressure monetary policy decisions.