Story perspectives

Tillis Opposes Warsh's Fed Nomination Amid DOJ Probe

4/22/2026

Summary

Story summary

Sen. Thom Tillis (R-N.C.) opposed Kevin Warsh's confirmation as Federal Reserve Chair and called for the Department of Justice (DOJ) to end its investigation into Jerome Powell.
Tillis criticized the investigation, initiated in late 2025, as politically motivated and detrimental to the confirmation process.
The probe examines Powell's congressional testimony on cost overruns in a $2.5 billion renovation of the Fed's headquarters.
Powell described the investigation as unprecedented and linked it to pressure from President Trump, who has sought Powell's removal.
The Senate Banking Committee, which has a Republican majority, must approve Warsh's nomination amid these tensions.

History

Historical Context

The Federal Reserve Reform Act of 1977 established the Fed's dual mandate to promote maximum employment and stable prices, responding to inflation that peaked at 13.5% in 1980. This act increased accountability through Congressional oversight, requiring the Fed's leadership to report regularly. Current tensions, such as Sen. Thom Tillis's opposition to Kevin Warsh's confirmation, reflect ongoing debates about the Fed's independence and its role in economic policy.

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Story summary

Sen. Thom Tillis (R-N.C.) opposed Kevin Warsh's confirmation as Federal Reserve Chair and called for the Department of Justice (DOJ) to end its investigation into Jerome Powell.
Tillis criticized the investigation, initiated in late 2025, as politically motivated and detrimental to the confirmation process.
The probe examines Powell's congressional testimony on cost overruns in a $2.5 billion renovation of the Fed's headquarters.
Powell described the investigation as unprecedented and linked it to pressure from President Trump, who has sought Powell's removal.
The Senate Banking Committee, which has a Republican majority, must approve Warsh's nomination amid these tensions.

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