Thom Tillis has announced that he will support the confirmation of Kevin Warsh as the next chair of the Federal Reserve, marking a significant shift in his position.
The decision follows the U.S. Department of Justice’s move to end its investigation into current Fed Chair Jerome Powell. The inquiry had focused on cost overruns related to renovations at the central bank’s headquarters.
Tillis had previously withheld support for Warsh’s nomination, citing concerns about the ongoing investigation. He argued that proceeding with a confirmation while the probe was active could raise questions about the independence of the Federal Reserve.
Earlier this year, after Donald Trump nominated Warsh to succeed Powell, Tillis made clear that his vote would depend on the resolution of the DOJ inquiry. He emphasized that protecting the central bank from political pressure was essential.
Despite his reservations, Tillis consistently praised Warsh’s qualifications. He described the nominee as highly capable, with extensive knowledge of monetary policy and financial systems.
During Warsh’s confirmation hearing before the Senate Banking Committee in April, Tillis reiterated his position. He expressed frustration with the timing of the investigation while signaling that he intended to support the nominee once the issue was resolved.
For months, his stance effectively delayed progress on the nomination. Republicans hold a narrow majority on the committee, and without Tillis’ vote, the nomination could not advance.
Following the DOJ’s decision to close the investigation, Tillis confirmed that he is now ready to move forward. In a recent interview, he stated that he believes Warsh would perform well as Fed chair.
In a separate statement, Tillis said he accepted the Justice Department’s conclusion that the matter was resolved. He also noted that any future action would require additional formal steps, such as a referral from an inspector general.
This shift clears a key procedural hurdle. The Senate Banking Committee is now expected to proceed with a vote on the nomination in the coming days.
If approved in committee, Warsh’s nomination would move to the full Senate for consideration. The timeline is significant, as Powell’s term as chair is nearing its scheduled expiration.
Democratic members of the committee have remained opposed to the nomination, making Republican unity crucial for advancing the process.
The development highlights the intersection of politics, legal oversight, and central bank independence—an issue that has drawn attention from policymakers and economists alike.
As the confirmation process continues, the outcome will play an important role in shaping the future leadership of the Federal Reserve and its approach to monetary policy.