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Sen. Thom Tillis, R-N.C., told FOX Business that he won’t back Kevin Warsh to lead the Federal Reserve after a heated hearing, arguing the process cannot move forward amid an ongoing Justice Department investigation involving Fed Chair Jerome Powell. Powell confirmed on Jan. 11 that the DOJ had opened a criminal investigation into his congressional testimony related to the renovation of the Federal Reserve’s two historic buildings on Washington, D.C.’s National Mall. Powell called the probe 'unprecedented' in a video statement and framed it as part of what he described as ongoing threats from President Donald Trump against the central bank. His public response – after days of private consultations with advisers – marked a sharp departure from his typically measured approach. The investigation marks one of the most challenging stretches of Powell’s eight-year tenure leading the Fed. Powell addressed the DOJ criminal investigation. The renovation of the Federal Reserve's two main office buildings in Washington’s Foggy Bottom neighborhood is estimated to cost $2.5 billion and is being funded by the central bank itself, not by taxpayers. The Fed is self-financing and does not rely on congressional appropriations to cover its operating expenses, which include employee salaries, facilities maintenance and the current renovation. Its primary income comes from interest earned on government securities and fees charged to financial institutions. In June 2025, Powell told members of the Senate Banking Committee, "There’s no new marble. There are no special elevators. They’re old elevators that have been there. There are no new water features. There are no beehives, and there’s no roof garden terraces." Construction continues at the Marriner S. Eccles Federal Reserve building. The project is expected to be completed in the fall of 2027, and Washington-based employees are slated to begin working in the building in March 2028. Warsh, who was tapped by Trump in January to succeed Powell, is poised to take the helm of the world’s most powerful central bank at a turbulent moment for the Federal Reserve. Aside from the probe involving Powell, the Supreme Court is weighing limits on the Fed’s independence and rising cost-of-living pressures are testing Trump’s economic agenda. In short, the stakes for the next chair are intensifying.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
