The News
US President Donald Trump’s nominee to lead the Federal Reserve, Kevin Warsh, is on track to be confirmed after a key Republican senator said on Sunday he will greenlight the nomination.
North Carolina Sen. Thom Tillis’ move came after the the Department of Justice on Friday dropped a criminal probe into current Chair Jay Powell. Tillis called the administration’s decision to shift the investigation to the inspector general a “necessary and appropriate measure” and said he will now advance Warsh’s nomination.
Tillis had planned to bottle up the nomination —which he otherwise supported — in the Senate Banking Committee due to opposition to the Powell probe, something the retiring GOP senator has the power to do on the narrowly divided committee.
He told Semafor recently that, if the Trump administration continued the investigation, “the only benefit they get from that is delaying what would otherwise be an on-time confirmation of their pick.”
Notable
- The Justice Department’s decision came after Trump opened the door last week to an alternative Fed renovation probe, Semafor’s Eleanor Mueller reported.