Sen. Thom Tillis on Wednesday recommitted to his blockade of Kevin Warsh’s nomination to lead the Federal Reserve until the Department of Justice ends its investigation into Fed Chair Jerome Powell.
Tillis, R-N.C., said in an interview on CNBC’s “Squawk Box” that he’s “willing to let it play out for the remainder of this Congress, if that’s what’s necessary to get to the truth or to get back to a process that makes sense and that keeps the Fed independent.”
“I’d be one of the first people to introduce Mr. Warsh if we’re behind this and support him, but not before this matter is settled,” Tillis said.
The DOJ last month opened an investigation into Powell relating to cost overruns for renovations at the Federal Reserve headquarters. The Justice Department is separately investigating Fed Governor Lisa Cook over alleged mortgage fraud.
Tillis, who is retiring at the end of his term next January, also said he would keep his block even if the Justice Department agrees to toss the investigation in exchange for Powell leaving the Fed after his term as chair. Powell could remain on the board as a governor for two years.
“To ramp it down or have it adjudicated, that’s the only way we get out of here as far as I’m concerned in this Congress for the next 333 days,” Tillis said. “I know how I would react to this, I’d be there for the remaining two years.”
“They got ahead of their blockers. They didn’t consult with the adults in the room when they decided to do the subpoenas,” Tillis said.
