Senator Blocks Fed Nomination Over Unresolved Powell Investigation

Republican Senator Thom Tillis has halted progress on the Federal Reserve chair nomination, demanding the Justice Department first conclude its investigation into current Chair Jerome Powell. The Banking Committee member's opposition creates a procedural roadblock, preventing the nomination from advancing to a full Senate vote.

Tillis maintains his position is about preserving Fed independence, not politics. "Protecting the Federal Reserve from political interference or legal intimidation is non-negotiable," he stated publicly. The DOJ probe centers on Powell's congressional testimony regarding Fed facility renovations, though Powell alleges it stems from his refusal to accelerate rate cuts during the TRUMP administration.

With Tillis retiring this year, the standoff introduces uncertainty into leadership transitions at the central bank. The Banking Committee's 13-11 Republican majority means even a single defection can stall nominations indefinitely.