WASHINGTON, D.C. — U.S. Senator Thom Tillis said he will not vote to move Kevin Warsh's nomination as chair of the Federal Reserve to a full Senate vote unless the Department of Justice drops its investigation into current Fed Chair Jerome Powell. Warsh's nomination remains pending Senate confirmation.

President Donald Trump initiated the DOJ investigation into Powell's testimony over the cost of renovating the Federal Reserve's headquarters in Washington, D.C. Powell's term as Fed chair ends in May, which creates a limited window for the Senate to consider and vote on Warsh's nomination before the current chair's tenure concludes. A representative of Tillis confirmed that there was no change to the senator's position as of publication.

Neither Warsh nor the White House has commented publicly on the delay in the nomination process.

Tillis's decision to withhold his committee vote could slow or block the nomination's path to the full Senate floor. In a closely divided chamber, the opposition of even a single senator from the president's own party on the relevant committee can prevent a nomination from advancing to a final confirmation vote.

Powell was originally appointed as Fed chair by Trump during the president's first term in office. He served in that role during the economic shutdown caused by the COVID-19 pandemic. Powell also publicly supported diversity, equity and inclusion initiatives as well as environmental, social and governance considerations at the Fed.

The Federal Reserve was established by the Federal Reserve Act of 1913 as the United States central bank. The legislation tasked the institution with controlling the money supply, protecting the value of the dollar from inflation and devaluation, and serving as a lender of last resort during banking panics. In the late 1970s, the Fed's statutory responsibilities were amended into what became known as the dual mandate, which requires the central bank to pursue both price stability and maximum employment.