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The U.S. Department of Justice has closed its investigation into Federal Reserve Chair Jerome Powell, clearing the way for Kevin Warsh’s nomination to move forward, according to reporting. The Senate Banking Committee advanced Warsh’s nomination on Wednesday, and the full Senate could hold a confirmation vote in the near future.
Sen. Thom Tillis, R-N.C., said the investigation undermined the independence of the central bank and argued it needed to end before he could support Warsh’s confirmation. Tillis said the probe was a “serious threat to the Fed's independence, and it needed to end before I could support [Kevin Warsh's confirmation].”
The investigation was closed by Jeanine Pirro, U.S. Attorney for the District of Columbia, on Friday, with the Federal Reserve’s inspector general, Michael Horowitz, taking it over.
Tillis previously indicated he would delay Warsh’s nomination until the Powell investigation was closed. With the Senate Banking Committee now advancing the nomination, the full Senate may proceed to a confirmation vote soon.
Depending on how quickly senators take up the nomination, Warsh could be confirmed in time to preside over the Federal Reserve’s June policy meeting.
Separately, Jerome Powell has not indicated whether he will serve out his term as a member of the Fed’s Board of Governors. Powell is scheduled to speak at a press conference on Wednesday afternoon after the Federal Open Market Committee announces its next interest rate decision.
Policymakers are expected to leave the benchmark federal funds rate unchanged at the current target range of 3.5% to 3.75%, amid concerns over inflation. The press conference is expected to be the last led by Powell as Fed chair.
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