Warsh's Fed Chair Confirmation Gets Green Light as Senator Tillis Withdraws Opposition
by Hwang Yoonju
Published 27 Apr.2026 03:27(KST)
Updated 27 Apr.2026 07:29(KST)
Chair Powell’s Term as Chair Ends on May 15
Warsh’s Confirmation Expected to Proceed Swiftly
Uncertainty Remains Over Whether Powell Will Remain on the Board
The confirmation process for Kevin Warsh, nominee for Chair of the Federal Reserve (Fed), has received the green light. This comes after a previously opposing Republican senator announced a reversal of his stance.
According to the Wall Street Journal (WSJ) on April 26 (local time), Senator Thom Tillis, a Republican from North Carolina and a member of the Senate Banking Committee, stated in a press release, "I look forward to being able to support Kevin Warsh's nomination. He is an excellent candidate, and now the Fed must put the controversy behind it and fully focus on its core mission."
Senator Tillis’s change in position came because the Department of Justice’s criminal investigation targeting Chair Powell has been concluded. Until now, Senator Tillis had stated that he would oppose Warsh’s confirmation as long as the Justice Department’s investigation was ongoing.
Senator Tillis explained that his support for Warsh’s confirmation is based on the fact that the Justice Department’s investigation into Chair Powell has concluded, that the appeal of the March federal court ruling prohibiting a grand jury subpoena was made on legal grounds, and that he believes the appeal will not be used as a pretext to reissue the subpoena.
The U.S. Department of Justice had been investigating Chair Powell in relation to alleged excessive spending on the Fed building’s renovation. There had been criticism that the investigation was an attempt to pressure Powell, who refused President Donald Trump’s demand to cut interest rates.
Speaking with NBC earlier that morning, Senator Tillis expressed concern that the prosecution’s investigation was being used as "leverage" to pressure Powell to resign early. However, he said he reversed his position after receiving assurances from prosecutors that "the investigation will not be used as grounds to reopen the case."
With Senator Tillis’s support, Warsh is now expected to be confirmed before Chair Powell’s term ends on May 15. The Senate Banking Committee plans to vote on Warsh’s confirmation next Wednesday.
However, it remains unclear whether Chair Powell will also step down from the Board of Governors after his term as Chair ends on May 15. Powell’s term as a Board member runs until January 2028. Typically, Fed Chairs have resigned from the Board after their term as Chair expired.
Previously, Chair Powell stated that he would not step down from the Board while the Justice Department investigation was ongoing, and after the investigation concluded, said he "had not decided" whether to remain on the Board.
President Trump, speaking to reporters the previous day, referenced the Fed Inspector General’s investigation of Chair Powell and said, "There is an obligation to determine the cause of the cost overrun incident." The WSJ reported that uncertainty surrounding the investigation into Chair Powell persists, and even after Warsh’s confirmation, Powell could remain on the Board of Governors.
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