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Tillis says he will support Warsh’s Fed confirmation after ‘assurances’ from DOJ

Sen. Thom Tillis (R-N.C.) said Sunday that he will support Kevin Warsh’s nomination to chair the Federal Reserve after receiving “assurances” from the Department of Justice (DOJ) that the criminal investigation into current Chairman Jerome Powell and the central bank’s renovations in Washington, D.C., has been closed.

Tillis, a member of the Senate Banking Committee, previously said he would not confirm Warsh until the criminal investigation was completed. Last week he called on the Justice Department to complete its investigation.

“I have been clear from the beginning: The U.S. Attorney’s criminal investigation of Chairman Powell posed a serious threat to the independence of the Fed, and that investigation needed to end before I could support Kevin Warsh’s confirmation. I welcome the Inspector General’s investigation. It is a necessary and appropriate action, and I trust that it will be conducted thoroughly and professionally,” Tillis wrote in an op-ed on Sunday. Publish on social platform X.

U.S. Attorney for the District of Columbia Jeanine Pirro announced Friday that the criminal investigation was closed and that an inspector general investigation would instead be launched into Powell and the bank’s renovations.

“The IG has the authority to hold the Federal Reserve accountable to American taxpayers. I expect a comprehensive report shortly, and I am confident that the outcome will help definitively resolve the questions that led this office to issue the subpoena,” Pirro said in Friday’s announcement.

Tillis wrote in his post that he took the Justice Department’s “word” that any challenge to a judge’s recent ruling blocking subpoenas the Justice Department was seeking from Powell would be based on “legal principles.”

U.S. District Judge James Boasberg said the government is “no closer” to convincing him to reverse his decision blocking two subpoenas to the Fed board seeking records related to the bank’s $2.5 billion renovation project.

“I take the Department of Justice at its word: The investigation is closed, and any appeal of Judge Boasberg’s decision will be in accordance with legal principles and not for the purpose of reissuing the subpoena. Only a criminal referral from the inspector general will cause the investigation to be reopened,” Tillis continued.

“With these assurances, I look forward to supporting Kevin Warsh’s confirmation. He is an outstanding candidate, and it is time for the Federal Reserve to move beyond this distraction and return its full attention to its mission.”

The Senate Banking Committee is set to advance Warsh’s nomination this week.

Ella Lee contributed

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