All posts tagged: Tillis

Tillis maintains blockade on Fed pick Warsh over Powell probe

Tillis maintains blockade on Fed pick Warsh over Powell probe

Published by Sam Flores

There is nothing that Federal Reserve chair nominee Kevin Warsh could say to get Sen. Thom Tillis to end his blockade on Warsh’s confirmation, the North Carolina Republican said Tuesday. Tillis has vowed not to vote for any Fed nominees, including Warsh, until a criminal investigation into Fed Chair Jerome Powell is resolved. Powell, who denies any wrongdoing, has said he is really being targeted for his refusal to cut interest rates as broadly and as quickly as demanded by President Donald Trump. “No, no,” Tillis told reporters at the U.S. Capitol, when asked if Warsh could tell him anything at their meeting later in the day to change the senator’s position on blocking a full Senate vote on the nomination. “This is not about people, it’s about process,” Tillis said. “I think this is a foul.” After the meeting, Tillis told reporters that he would vote against advancing Warsh’s nomination from the Banking Committee if the Powell probe is not finished by then. “This is about this is bedrock principle of Fed independence,” the …

Tillis rejects off-ramp for Powell criminal probe

Tillis rejects off-ramp for Powell criminal probe

Published by Sam Flores

Sen. Thom Tillis, R-N.C., on Thursday rejected a proposal aimed at ending the Department of Justice’s controversial criminal probe into Federal Reserve Chair Jerome Powell and clearing a path for his successor, Kevin Warsh, to be confirmed. The proposed off-ramp, which has been floated by at least one Republican lawmaker this week, would see the Powell investigation handed off from the DOJ to the Senate Banking Committee. The idea is an attempt to thread a political needle: It would drop the threat of criminal prosecution against Powell – which spurred Tillis, a Banking Committee member, to declare a blockade on Warsh – while still satisfying President Donald Trump, who supports the DOJ probe. But Tillis poured cold water on that proposal Thursday morning. “I’m not going to have an investigation out there,” Tillis told reporters on Capitol Hill. “We have to have an independent Fed. And we can’t finesse this.” Read more CNBC politics coverage “They either need to move forward with a compelling investigation that convinces me I was wrong, or resolve the current …

Tillis doubles down on blockade

Tillis doubles down on blockade

Published by Sam Flores

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. Read more CNBC politics coverage 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 …

Kevin Warsh Fed nomination opposed by Tillis until Powell probe done

Kevin Warsh Fed nomination opposed by Tillis until Powell probe done

Published by Sam Flores

Sen. Thom Tillis said Friday that he will oppose President Donald Trump’s nomination of Kevin Warsh as Federal Reserve chair until the criminal probe of the current chair, Jerome Powell, is “fully” resolved. “Protecting the independence of the Federal Reserve from political interference or legal intimidation is non-negotiable,” the North Carolina Republican said in a statement on X. Tillis, who is set to retire, vowed earlier this month to oppose any new nominee for the Fed until the Department of Justice‘s controversial investigation of Powell is completed. Tillis is a member of the Senate Banking, Housing, and Urban Affairs Committee, which has 13 Republicans and 11 Democrats. The refusal of a single Republican on that panel to vote for a presidential nominee would set up a stalemate that could leave Warsh’s nomination without a recommendation of approval by the full Senate. Powell has said he is under investigation by the DOJ, ostensibly in connection with the Fed’s multibillion-dollar renovation of its headquarters and his testimony to Congress about that project. Powell says the real reason …