Republican Sen. Tom Tillis said in a post on X on Sunday that he will no longer block the confirmation process for Kevin Warsh’s nomination for Federal Reserve chair, after the U.S. Department of Justice (DOJ) concluded a criminal investigation into current Federal Reserve Chair Jerome Powell related to the Fed headquarters renovation project. Tillis also said he “looks forward” to supporting Warsh’s appointment.
Tillis’ statement and the background behind the lift of the obstruction
In a statement posted on X on Sunday, Tillis directly quoted: “From the beginning, I have been clear: the criminal investigation by the U.S. prosecutors’ office into Chair Powell seriously threatens the independence of the Federal Reserve. Before I support the appointment of Kevin Warsh, this investigation must be concluded.”
Tillis also said in his statement that he welcomed the Inspector General’s investigation, quoting: “This is a necessary and appropriate measure, and I believe the investigation will be thorough and professional.”
According to publicly available records, the Justice Department previously opened an investigation into Chair Powell’s involvement in a Federal Reserve headquarters renovation project worth billions of dollars, which lasted three months. As a Republican senator on the Senate Banking Committee, Tillis has the authority to delay or abstain on procedural grounds to prevent the committee from submitting Warsh’s nomination to a full vote in the Senate.
Confirmation timeline
According to publicly available records, Powell’s term will end on May 15, 2026. The Senate Banking Committee has scheduled a nomination vote for April 29; the exact date for the full Senate vote has not yet been determined and could occur during the week of May 11.
Kevin Warsh’s personal background and cryptocurrency investment disclosures
According to public information, Kevin Warsh previously served as a Federal Reserve Governor. Based on Warsh’s most recent investment disclosure filing, he holds investments in more than 30 crypto-related projects, including crypto assets such as Solana (SOL) and the decentralized exchange dYdX.
In recent public remarks, Warsh said President Trump has not put any pressure on him, and that policy decisions at the Federal Reserve will remain independent.
Frequently asked questions
What is the direct reason Tillis lifted the obstruction?
According to Tillis’ statement on X on Sunday, he was assured that the DOJ’s three-month criminal investigation into Fed Chair Powell’s involvement in the multi-billion-dollar headquarters renovation project has now concluded. This is the direct reason he lifted the obstruction and announced his support for Warsh’s appointment.
What is the next time milestone for the confirmation of the Fed chair nomination?
According to publicly available records, the Senate Banking Committee has scheduled a nomination vote for April 29; the date of the full Senate vote has not yet been determined and could occur during the week of May 11; Powell’s term will end on May 15, 2026.
What major holdings do Kevin Warsh’s cryptocurrency investment disclosures indicate?
According to Warsh’s most recent investment disclosure filing, he has investments in more than 30 crypto-related projects, including crypto assets such as Solana (SOL) and the decentralized exchange dYdX.
