Trump’s Nominee Kevin Warsh, One Step Closer to Becoming FED Chairman! “The Obstacle is Over!”

Current Federal Reserve Chairman Jerome Powell’s term expires in May. US President Donald Trump has nominated Kevin Warsh to replace Powell as FED chairman.

As Kevin Warsh awaits Senate confirmation to become Fed Chairman, Republican Senator Thom Tillis, one of the most critical figures in Warsh’s Senate confirmation process, has withdrawn his opposition. At this point, Tom Tillis announced that he would support the confirmation of Kevin Warsh as the FED Chairman nominee.

Senator Thom Tillis cited the investigation into the Fed and Powell as the reason for his opposition. However, that investigation is now over. Senator Tillis, in a statement made via account X, said the following:

“The U.S. Department of Justice (DOJ) has concluded its investigation against Chairman Jerome Powell. Therefore, I will support the confirmation of nominee Wash.”

The senator stated that the US Justice Department’s investigation into the renovation of the Fed buildings was an attack on the Fed’s independence.

Tillis stated, “This investigation was one that could threaten the independence of the Federal Reserve. We couldn’t consider supporting it before the investigation was concluded.”

As you may recall, the US Department of Justice recently concluded its investigation into the FED and Powell. Furthermore, Senator Tillis alone could prevent the vote on Warsh’s nomination from moving forward and halt the process. Therefore, Tillis’s opposition was seen as the biggest obstacle to Kevin Warsh’s nomination.

*This is not investment advice.