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Yellen's Nomination for Fed Chair is Blocked, Republican Senators Demand Investigation into Powell First
BlockBeats News, March 11th: During the congressional support process, Kevin Warsh, the nominee for Federal Reserve Chair appointed by U.S. President Trump, has yet to overcome a key obstacle. Republican Senator Thom Tillis stated that he will continue to block the Senate Banking Committee from advancing any Federal Reserve personnel nominations until the Department of Justice concludes its investigation into current Federal Reserve Chair Jerome Powell.
Tillis described his meeting with Warsh as "pleasant" and acknowledged his professional competence. However, he emphasized that this action is not directed at Warsh personally but is rather done to uphold the Federal Reserve's independence. He stated that if the market believes the Federal Reserve Chair is "just acting at the president's behest," it could have a negative impact on the financial markets.
Due to the Republicans' slim majority in the Senate and the Banking Committee, Tillis's opposition could make it difficult for Warsh's nomination to proceed to a full Senate vote. Currently, Warsh is actively meeting with congressional members to seek support, but the uncertainty remains as to whether he can secure confirmation before Powell's term ends in May.
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