Sen. Thom Tillis, RN.C., speaks with reporters outside the Senate Banking, Housing, and Urban Affairs Committee confirmation hearing for Federal Reserve Chairman nominee Kevin Warsh on Tuesday, April 21, 2026, at the Dirk Sen Building.
Tom Williams | CQ-Roll Call Inc. | Getty Images
Sen. Thom Tillis said Sunday he is ready to lift the blockade on Federal Reserve Chairman candidate Kevin Warsh after the Justice Department dropped its criminal investigation into Fed Chairman Jerome Powell.
Mr. Warsh now has a clear path to succeeding Mr. Powell as the next Fed leader when Mr. Powell’s term expires in mid-May. The Senate Banking Committee is scheduled to vote on his confirmation on Wednesday, and the full Senate could vote on his confirmation shortly thereafter.
Mr. Tillis’ support makes confirmation of President Donald Trump’s nomination to lead the Fed all but certain.
“I’m prepared to move forward with Mr. Warsh’s confirmation. I think he would be a great Fed chairman,” Tillis RN.C. said on NBC’s “Meet the Press.” “We were very clear that we had assurances from the Department of Justice that we needed to make sure that they were not using the Department of Justice as a weapon to threaten the independence of the Fed. This would allow Mr. Warsh to move forward with the approval as scheduled.”
Mr. Tillis had vowed to withhold his vote for Mr. Warsh on the Senate Banking Committee until the Justice Department dropped its investigation into Mr. Powell. The Justice Department was investigating Mr. Powell for cost overruns related to renovations to the Federal Reserve Building.
The Federal Reserve declined to comment Sunday. Warsh did not respond to requests for comment.
Tillis’ vote is critical to Warsh’s confirmation, as the Banking Committee is made up of 13 Republicans and 11 Democrats. A defection by one Republican would have stalled the committee and prevented Mr. Warsh from moving forward.
U.S. Attorney Jeanine Pirro, the top U.S. attorney for the District of Columbia, announced Friday that her office would turn the investigation over to the Fed’s Office of Inspector General.
Mr. Tillis said he spoke with Justice Department officials after Mr. Pirro’s announcement and received assurances from law enforcement officials that “the only way an investigation can begin is by criminal referral.”
“They have made it very clear that the current investigation is completely and completely concluded,” he said.
Acting Attorney General Todd Blanche also appeared on “Meet the Press.” He was asked whether the Justice Department would consider reopening the investigation after Warsh is identified. Blanche said the investigation is in the hands of the inspector general.
“If he finds evidence of criminal activity, I have no doubt that we will investigate,” he said.
Tillis said Pirro’s office plans to continue its appeal of a recent federal judge’s decision to cancel subpoenas issued to the Fed. Pirro said the judge’s decision impedes the grand jury’s ability to direct the overall investigation.
Tillis said he has received assurances on this issue as well. “Any appeal of Judge Boasberg’s decision will be based on legal principles and not for the purpose of reissuing subpoenas,” Tillis said in a social media post Sunday.
Former federal prosecutors say Mr. Pirro’s appeal is unlikely to be successful. She has until May 4th to submit it.
Pirro’s office did not respond to requests for comment.
Mr. Warsh is likely to move quickly on major reforms to the Fed. He said during his confirmation hearing Tuesday that he wanted “a change of government.” He said he would, among other things, change the way the central bank measures and communicates inflation.
Mr. Warsh is expected to push for rate cuts quickly, but he will need to persuade his fellow members of the Federal Open Market Committee, which determines the Fed’s interest rate settings, to join him. Energy prices have skyrocketed due to the Iran war, and many Fed members are likely to be skeptical.
Mr. Tillis’ decision also affects Mr. Powell. Even after he retires as chairman, he will remain a voting member of the Fed’s Board of Governors until January 2028. Mr. Powell recently said he intended to do so while the threat of prosecution loomed over him.
Mr. Powell is likely to face questions about his plans at the next Fed news conference scheduled for Wednesday.
