North Carolina Sen. Thom Tillis said Sunday he will vote to confirm Kevin Warsh as the next Federal Reserve chair, removing a significant obstacle that had stalled the nomination for weeks.
Tillis had previously blocked Warsh's advancement, citing concerns about a Justice Department investigation into current Fed chair Jerome Powell. The senator's reversal came after the DOJ announced Friday it was closing that investigation, which had centered on a renovation project at the Federal Reserve's headquarters.
"We worked a lot over the weekend to make sure that we were very clear that we have assurances from the DOJ that I needed to feel like they were not using the DOJ as a weapon to threaten the independence of the Fed," Tillis told NBC News' "Meet the Press" on Sunday. "So this will allow Mr. Warsh to move on with his confirmation on time."
Tillis' decision eliminates the final major hurdle for President Trump's choice to lead the nation's central bank. The senator had argued that continuing the investigation into Powell risked politicizing the Justice Department and undermining the Fed's institutional independence, a concern that drove his holdout even as other Republicans moved to support Warsh's nomination.
The closure of the Powell investigation appears to have satisfied Tillis' core objection. By securing what he characterized as firm assurances from the DOJ about how the department would handle sensitive matters affecting the Fed, the senator was able to clear the way for a vote on Warsh without capitulating on his stated principles.
Warsh, who previously served as a Fed governor under President George W. Bush, has faced less organized opposition than some Trump nominees. His confirmation now appears to have the votes needed to move through the Senate, barring any unexpected developments.
Author Sarah Mitchell: "Tillis got what he needed on the independence question, and Warsh gets his chair. The real winner here is Trump's ability to reshape the Fed without a prolonged confirmation fight."
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