Sen. Thom Tillis of North Carolina said he will oppose the confirmation of any new Federal Reserve chair if current Chair Jerome Powell is removed from his position, marking another instance in which the Republican senator has broken with President Donald Trump. Tillis cited concerns about political interference following reports that Powell is under a criminal investigation related to prior congressional testimony.
In a post on social media, Tillis said the situation raises serious questions about the independence of the Federal Reserve and the role of the Justice Department. He stated that he will not support any Federal Reserve nominees, including a new chair, until the legal matter involving Powell is fully resolved.
Tillis’ position is significant because he serves on the Senate Banking Committee, which is responsible for reviewing and advancing 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’s board of governors until 2028 unless he is formally removed.
The senator has recently taken other steps that place him at odds with the Trump administration. Last week, Tillis said he would block future Department of Homeland Security nominees until DHS Secretary Kristi Noem testifies before the Senate Judiciary Committee, a move that drew criticism from the department over potential national security implications.
The investigation involving Powell centers on testimony he gave to the Senate Banking Committee last June regarding renovations to the Federal Reserve’s Washington headquarters, which are funded by the central bank rather than taxpayers. Powell has denied any wrongdoing, while some lawmakers have warned against actions they say could undermine the Fed’s independence. President Trump has publicly expressed interest in appointing a new chair who would pursue more aggressive interest rate cuts.