Sen. Tillis prepared to end blockade of Fed chair nominee Kevin Warsh

Sen. Thom Tillis said Sunday he is willing to end his blockade of Federal Reserve chair nominee Kevin Warsh after the U.S. Department of Justice dropped its investigation of Fed Chair Jerome Powell.

“I am prepared to move on with the confirmation of Mr. Warsh, I think he’s going to be a great Fed chair,” Tillis, R-N.C., said on NBC’s “Meet the Press.” “We were very clear that we have assurances from the DOJ that I needed to make sure they were not using the DOJ as a weapon to threaten the independence of the Fed. So this will allow Mr. Warsh to move on with his confirmation on time.”

Tillis had vowed to withhold his vote for Warsh, whom he supports, before the Senate Banking Committee until the DOJ dropped its investigation of Powell. The Justice Department was investigating Powell over alleged cost overruns related to renovations at the Federal Reserve building.

Tillis’ vote is critical to Warsh’s confirmation, as the Banking Committee is made up of 13 Republicans and 11 Democrats. That means one Republican defection would deadlock the panel and block Warsh from advancing.

U.S. Attorney Jeanine Pirro, the top federal prosecutor in the District of Columbia, announced Friday that her office was turning the investigation over to the Fed inspector general’s office.

Tillis said he received assurances from the DOJ that the investigation would not be reopened unless a criminal referral comes from the inspector general’s investigation.

“They have made it very clear that the current investigation is completely and fully ended,” he said. “The only way an investigation would be opened is a criminal referral from one of the most respected inspector generals.”

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