Tillis meets with Warsh, but digs in

Tillis urges DOJ to end Fed probe, clear way for Warsh

Sen. Thom Tillis (R-N.C.) is thrilled with President Trump’s nominee to chair the Fed. But he still won’t vote for him.

Tillis, a member of the Senate Banking Committee, praised Fed chair nominee Kevin Warsh, but said he cannot vote for him amid the Department of Justice (DOJ) probing current Fed Chair Jerome Powell.

“I thoroughly enjoyed my meeting yesterday with Fed Chair nominee Kevin Warsh,” Tillis wrote Wednesday on the social platform X. “He possesses impeccable credentials and a clear vision for maintaining the Fed’s independence while achieving its dual mandate. 

“It is unfortunate that an ongoing investigation prevents me from voting for Kevin at this time.”

Upon U.S. Attorney for the District of Columbia Jeanine Pirro launching a criminal investigation into Powell in January over cost overruns for the central bank’s renovation project, Tillis slammed the probe and said he would not support any of the president’s Fed nominees.

Powell, whose term expires in May, has denied wrongdoing and argued in January that the investigation stemmed from Trump’s dissatisfaction with the central bank not lowering interest rates sufficiently or sooner last year. 

Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

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Key business and economic news with implications this week and beyond:

US to release oil from strategic reserve, Trump says

President Trump plans to tap into the U.S’s oil stockpile, he said Wednesday, though additional details on the release, which comes amid high prices driven by the war in Iran, were not immediately clear.

Banks evacuate, close offices in Qatar, Dubai after Iran threatens attacks

Several banks urged their employees to evacuate offices in Qatar and the United Arab Emirates on Wednesday as Iran threatens to launch strikes on financial institutions. 

Elon Musk still world’s richest man on Forbes Billionaires List

Tesla CEO Elon Musk has once again claimed a spot as the richest man in the world on Forbes’ World’s Billionaire List for 2026.

Rick Scott says gas prices ‘are going to be up for a while’

Sen. Rick Scott (R-Fla.) said Wednesday that gas prices will stay above prior levels until the U.S.-Israeli war with Iran ends. 

Business and economic news we’ve flagged from other outlets:

Trump Ordered Justice Department Reversal on Law Firm Sanctions (WSJ)

U.S. deficit tops $1 trillion through February but runs below year-ago pace (CNBC)

Opinions related to business and economic issues submitted to The Hill:

Fudging the numbers: Trump’s economy is not what he claims — or wants

Here’s the real state of the union

You’re all caught up. See you tomorrow! 

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