Trump officially nominates Kevin Warsh as Federal chair

President Donald Trump on Wednesday officially nominated Kevin Warsh as the next chairman of the Federal Reserve.

If confirmed by the Senate, Warsh will replace Fed Chairman Jerome Powell for a four-year term.

Trump’s candidacy was delivered to the Senate Statement from the White House It was published online Wednesday.

The transmission came more than a month after Trump first publicly said he wanted Warsh as Fed chairman.

Sen. Thom Tillis, a North Carolina Republican, said he would block Warsh’s nomination from advancing in the Senate until the federal criminal investigation into Powell by the U.S. Attorney’s Office in Washington, D.C., is canceled.

Tillis’ stance could prevent the nomination from being considered by the full Senate.

Powell was under investigation in mid-January in connection with a $2.5 billion renovation of the Federal Reserve’s headquarters in Washington, he said in testimony to the Senate about that project.

The president also said the “threat of criminal charges” against him stemmed directly from his and other Fed governors’ refusal to bow to Trump and his demands that interest rates be lowered faster than the president requested.

Last summer, Trump tried to dismiss Fed Governor Lisa Cook, who sided with Powell on interest rate decisions. At the time, Trump cited an allegation by a housing official of his choosing that Cook had committed mortgage fraud, but his move to terminate Cook was thought to stem from anger over his stance on interest rates.

Cook, who has denied any wrongdoing, will remain at the Fed pending the outcome of the lawsuit against Trump.

In January, the Supreme Court heard oral arguments in that case. The court has not yet ruled on whether Trump can fire Cook.