CONTENT:
Senator Thom Tillis (R-NC) appeared on "Bloomberg Surveillance" and made it clear that Warsh's nomination does not sway his stance on the ongoing criminal investigation into Federal Reserve Chair Jerome Powell. The investigation, which Tillis considers "frivolous," must come to an end before he approves any nominee for the Fed's top position.
Bloomberg reported that during the interview, Tillis stated, "I've made it clear that I don't believe that this inquiry is a legitimate one. I think it's a frivolous one. And until we have a conclusion to that, I don't think it's fair for me or for anybody to be considering another nominee."
The investigation, led by the House Financial Services Committee, focuses on Powell's role in the central bank's handling of the COVID-19 pandemic and its impact on the stock market. Tillis has been a vocal critic of the probe, arguing that it is a waste of time and resources.
Warsh, a former Fed governor, was nominated by President Joe Biden in March to fill the vacant seat on the Fed's Board of Governors. If confirmed, Warsh would likely have a significant impact on monetary policy decisions. However, Tillis' stance on the investigation could delay the confirmation process.
The Senate Banking Committee is expected to hold a hearing on Warsh's nomination, but no date has been set yet. It remains to be seen whether Tillis' position on the investigation will change during the confirmation process.
Sources:
- Bloomberg: Warsh's Fed Nomination Changes Nothing, Says Senator Tillis (https://www.bloomberg.com/news/articles/2023-04-12/warsh-s-fed-nomination-changes-nothing-says-senator-tillis)