Tom Tillis’s firm ‘no’ on Kevin Warsh as Fed chairman could complicate nomination
Are they actually going to vote on something real?
Sen. Thom Tillis (R-NC) announced on Friday that he will oppose President Donald Trump’s new nominee to succeed current Federal Reserve Chairman Jerome Powell, effectively halting the process from advancing in the upper chamber.
Tillis cited concerns about protecting the central bank’s independence from politicization and “legal intimidation,” saying doing so is “non-negotiable,” in a statement to X.
“Kevin Warsh is a qualified nominee with a deep understanding of monetary policy. 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,” Tillis said. “Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable.”
“My position has not changed: 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,” he continued.
Trump revealed early Friday morning that he is nominating former Federal Reserve governor Kevin Warsh as the next chairman. Tillis’s reluctance to back Warsh is critical, as the lawmaker sits on the committee that the nomination must pass through before it can advance to the Senate floor for a vote. Without Tillis’s support, the Senate Banking, Housing and Urban Affairs Committee vote would tank, halting the process.
When asked on Thursday if the Senate could confirm a Fed pick without Tillis, Senate Majority Leader John Thune (R-SD) said, “probably not.”
To get a nominee to the floor without approval from the banking committee, which it wouldn’t do if Tillis votes no, they would need 60 votes in the Senate. That’s not likely, given that there are only 53 Republican Senators and Democrats aren’t likely to vote with them.
“It is difficult to trust that any Chair of the Federal Reserve selected by this president will be able to act with the independence required of the position, knowing that this administration will levy charges against any leader who makes interest rate decisions based on facts and the needs of our economy rather than Trump’s personal preferences,” Sen. Mark Warner (D-VA) said in a statement following Warsh’s nomination.
The DOJ launched a criminal investigation into Powell in early January, just months before his term as chairman expires in May.
DOJ INVESTIGATION COULD PUSH POWELL TO …
Are they actually going to vote on something real?
Sen. Thom Tillis (R-NC) announced on Friday that he will oppose President Donald Trump’s new nominee to succeed current Federal Reserve Chairman Jerome Powell, effectively halting the process from advancing in the upper chamber.
Tillis cited concerns about protecting the central bank’s independence from politicization and “legal intimidation,” saying doing so is “non-negotiable,” in a statement to X.
“Kevin Warsh is a qualified nominee with a deep understanding of monetary policy. 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,” Tillis said. “Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable.”
“My position has not changed: 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,” he continued.
Trump revealed early Friday morning that he is nominating former Federal Reserve governor Kevin Warsh as the next chairman. Tillis’s reluctance to back Warsh is critical, as the lawmaker sits on the committee that the nomination must pass through before it can advance to the Senate floor for a vote. Without Tillis’s support, the Senate Banking, Housing and Urban Affairs Committee vote would tank, halting the process.
When asked on Thursday if the Senate could confirm a Fed pick without Tillis, Senate Majority Leader John Thune (R-SD) said, “probably not.”
To get a nominee to the floor without approval from the banking committee, which it wouldn’t do if Tillis votes no, they would need 60 votes in the Senate. That’s not likely, given that there are only 53 Republican Senators and Democrats aren’t likely to vote with them.
“It is difficult to trust that any Chair of the Federal Reserve selected by this president will be able to act with the independence required of the position, knowing that this administration will levy charges against any leader who makes interest rate decisions based on facts and the needs of our economy rather than Trump’s personal preferences,” Sen. Mark Warner (D-VA) said in a statement following Warsh’s nomination.
The DOJ launched a criminal investigation into Powell in early January, just months before his term as chairman expires in May.
DOJ INVESTIGATION COULD PUSH POWELL TO …
Tom Tillis’s firm ‘no’ on Kevin Warsh as Fed chairman could complicate nomination
Are they actually going to vote on something real?
Sen. Thom Tillis (R-NC) announced on Friday that he will oppose President Donald Trump’s new nominee to succeed current Federal Reserve Chairman Jerome Powell, effectively halting the process from advancing in the upper chamber.
Tillis cited concerns about protecting the central bank’s independence from politicization and “legal intimidation,” saying doing so is “non-negotiable,” in a statement to X.
“Kevin Warsh is a qualified nominee with a deep understanding of monetary policy. 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,” Tillis said. “Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable.”
“My position has not changed: 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,” he continued.
Trump revealed early Friday morning that he is nominating former Federal Reserve governor Kevin Warsh as the next chairman. Tillis’s reluctance to back Warsh is critical, as the lawmaker sits on the committee that the nomination must pass through before it can advance to the Senate floor for a vote. Without Tillis’s support, the Senate Banking, Housing and Urban Affairs Committee vote would tank, halting the process.
When asked on Thursday if the Senate could confirm a Fed pick without Tillis, Senate Majority Leader John Thune (R-SD) said, “probably not.”
To get a nominee to the floor without approval from the banking committee, which it wouldn’t do if Tillis votes no, they would need 60 votes in the Senate. That’s not likely, given that there are only 53 Republican Senators and Democrats aren’t likely to vote with them.
“It is difficult to trust that any Chair of the Federal Reserve selected by this president will be able to act with the independence required of the position, knowing that this administration will levy charges against any leader who makes interest rate decisions based on facts and the needs of our economy rather than Trump’s personal preferences,” Sen. Mark Warner (D-VA) said in a statement following Warsh’s nomination.
The DOJ launched a criminal investigation into Powell in early January, just months before his term as chairman expires in May.
DOJ INVESTIGATION COULD PUSH POWELL TO …
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