A Justice Department investigation involving Federal Reserve Chair Jerome Powell could complicate the confirmation of future Federal Reserve nominees, after a key Republican senator from North Carolina said he would oppose any picks tied to the situation.
According to Roll Call, Sen. Thom Tillis said Sunday that he would block confirmation of any nominees to the Federal Reserve Board of Governors — including a potential successor to Powell — until the investigation is resolved. Tillis is considered a swing vote on the Senate Banking Committee, which oversees the Federal Reserve and must approve central bank nominees.
The committee is narrowly divided 13-11 between Republicans and Democrats, meaning a single Republican defection could result in a tied vote and stall confirmations.“If there were any remaining doubt whether advisers within the Trump administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” Tillis said in a statement Sunday.
“I will oppose the confirmation of any nominee for the Fed — including the upcoming Fed chair vacancy — until this legal matter is fully resolved.”
President Donald Trump has been sharply critical of Powell in recent months. Powell’s term as Federal Reserve chair expires in May, though he could remain on the board as a governor through early 2028. The Justice Department has not publicly detailed the scope of its investigation.