Key Republican Senator Tillis does not oppose initiating the nomination process for Fed Chair Yellen but will still obstruct the vote

On Tuesday, according to Punchbowl News, North Carolina Republican Senator Thom Tillis said he is willing to begin the confirmation process for Kevin Warsh’s nomination as Federal Reserve Chair. A Punchbowl reporter posted on social platform X that Tillis stated he does not need any additional answers from there and considers himself a “qualified candidate.”

However, Tillis also pointed out that because he previously vowed to block the nomination, Warsh’s nomination might “stay in the Senate committee for a while.”

Last week, Trump officially nominated Warsh to serve as Fed Chair, succeeding Powell. Tillis had previously stated that he would block Warsh’s confirmation in the Senate until the investigation into Powell was dropped. Powell has denied any misconduct and said he is under investigation because he refused to cut interest rates sharply and quickly as Trump demanded.

According to CNBC, on Tuesday, Tillis said that nothing Warsh said during their meeting could make him end his opposition to Warsh’s confirmation process. When asked whether Warsh might persuade him to change his stance during their later meeting that day and allow a full Senate vote, Tillis responded to the reporter:

“No, no. This is not about the individual; it’s about the process. I think it’s a foul.”

Tillis said he was impressed with Warsh’s abilities. “I knew his work early on, which is why I am very frustrated — I can’t vote for him until other issues are resolved.”

Tillis also pointed out that he and other members of the Senate Banking Committee had heard testimony from Powell at a hearing regarding the multi-billion dollar renovation of the Federal Reserve headquarters in Washington, D.C. Powell stated that he is under investigation by the Washington Federal Prosecutor’s Office because of that project and his testimony before the committee.

Tillis said on Tuesday, “Seven members of the Banking Committee were present, and they can be called witnesses to the so-called crime scene, and they all said no crime occurred. So why are we still discussing this and delaying a qualified candidate’s nomination?”

Tillis also noted that, besides the ongoing investigation into Powell, the U.S. Supreme Court has not yet ruled on whether Trump has the authority to dismiss Federal Reserve Board member Lisa Cook. He called Trump’s effort to dismiss Cook on Tuesday “childish and ridiculous,” adding that the person who proposed this idea should also be dismissed.

Trump previously said he wanted to dismiss Cook because Bill Pulte, head of the Federal Housing Finance Agency, accused her of mortgage fraud. However, supporters of Cook stated that she, like Powell, denies any misconduct and believes she is targeted because she opposes Trump’s demands on interest rates.

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