Warsh's Fed confirmation gains momentum as Republican senator withdraws opposition

The confirmation of Kevin Warsh, the nominee for Chair of the Federal Reserve, now appears likely to move forward smoothly. On the 26th local time, The Wall Street Journal (WSJ) reported that the final obstacle had been removed after Senator Thom Tillis, a Republican from North Carolina who had opposed Warsh's confirmation, said he would support it.
Tillis had been reluctant to back Warsh because of the United States Department of Justice (DOJ) investigation into current Fed Chair Jerome Hayden Powell. But after the investigation was reported to have ended on the 24th, Tillis issued a statement on the 26th saying he believed the DOJ's claim that the probe had been closed and that its appeal of a March ruling by a federal judge blocking the issuance of a grand jury subpoena was "based on legal principles and would not be aimed at reissuing the subpoena." He said the investigation could only be reopened if there were a criminal referral from the inspector general, adding, "Based on that confidence, I support the confirmation of Kevin Warsh as Chair of the Federal Reserve."
Tillis also said on NBC's news talk program Meet the Press that the investigation into Powell had ended. His remarks cleared the way for Warsh's confirmation before Powell's term expires on May 15.
Republicans hold a majority on the United States Senate Committee on Banking, Housing, and Urban Affairs by 13 to 11, and if Tillis had continued to oppose the nomination, the confirmation vote could have been delayed.
jjyoon@fnnews.com Yoon Jae-jun Reporter