Tillis says he will support Warsh's Fed confirmation after 'assurances' from DOJ |
Tillis says he will support Warsh’s Fed confirmation after ‘assurances’ from DOJ
Sen. Thom Tillis (R-N.C.) on Sunday said that he will support Kevin Warsh’s nomination to be Fed chair after “assurances” from the Department of Justice (DOJ) that the criminal investigation into current chair Jerome Powell and the central bank’s renovations in Washington, D.C., is closed.
Tillis, a member of the key Senate Banking Committee, had previously said he would withhold his approval for Warsh until the criminal investigation was closed. He last week urged the DOJ to wrap up their investigation.
“I have been clear from the start: the U.S. Attorney’s Office criminal investigation into Chair Powell was a serious threat to the Fed’s independence, and it needed to end before I could support Kevin Warsh’s confirmation. I welcome the Inspector General’s investigation. This is a necessary and appropriate measure, and I have confidence it will be conducted thoroughly and professionally,” Tillis wrote Sunday in a post on the social platform X.
U.S. Attorney for the District of Columbia Jeanine Pirro announced Friday that the criminal investigation had closed, and that an inspector general investigation into Powell and the bank’s renovations would take place instead.
“The IG has the authority to hold the Federal Reserve accountable to American taxpayers. I expect a comprehensive report in short order and am confident the outcome will assist in resolving, once and for all, the questions that led this office to issue subpoenas,” Pirro said in her Friday announcement.
Tillis, in his post, wrote that he takes the DOJ “at its word” that any appeal of a recent ruling from a judge blocking subpoenas the DOJ is seeking from Powell.
U.S. District Judge James Boasberg said the government “did not come close” to convince him to change his ruling that had blocked two subpoenas served on the Fed’s board of governors seeking records from 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 ruling will be with respect to legal principles and not for the purpose of reissuing subpoenas. Only a criminal referral from the inspector general would cause a reopening of the investigation,” Tillis continued in his post.
“With these assurances, I look forward to supporting Kevin Warsh’s confirmation. He is an outstanding nominee, 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.
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