Thom Tillis said he would oppose efforts to confirm a new Federal Reserve chair if current Chair Jerome Powell is removed from his position. Tillis’ comments come amid reports that Powell is under investigation related to past testimony about renovations at the Federal Reserve’s Washington headquarters.
In a post on X, Tillis expressed concern about what he described as potential political interference involving the central bank and the Justice Department. He stated that until the legal matter involving Powell is resolved, he would vote against confirming any new nominee to lead the Federal Reserve.
Tillis’ position is significant because he serves on the Senate Banking Committee, which oversees Federal Reserve nominations. Powell’s current term as chair is set to expire in May, though he is expected to remain on the Federal Reserve Board of Governors until 2028 unless removed earlier.
The reported investigation involves testimony Powell gave to lawmakers regarding renovation costs at the Federal Reserve’s headquarters. According to reports, the inquiry is being handled by the U.S. Attorney’s Office for the District of Columbia and is examining whether Powell accurately described the scope and funding of the project. The Federal Reserve’s renovation efforts are funded internally rather than through congressional appropriations.
Powell has denied any wrongdoing and has suggested the matter is connected to broader disagreements over monetary policy. Meanwhile, some lawmakers, including Elizabeth Warren, have raised concerns about maintaining the Federal Reserve’s independence. The situation continues to unfold as policymakers debate leadership and oversight of the central bank.