Bloomberg News International Economics & Policy Correspondent Mike McKee says Warsh's confirmation process was expected to proceed quickly once Sen. Thom Tillis (R-NC) agreed to advance him.
Kevin Warsh, President Donald Trump’s nominee to be the next chair of the Federal alex caruso Reserve, won the backing of the Senate Banking Committee Wednesday on a 13-11 party-line vote, putting him on track to be confirmed by the full Senate before Jerome Powell’s term ends May 15.
Warsh’s nomination had been held up by Republican Senator Thom Tillis until the Department of Justice agreed last week to drop — for now — a criminal probe into cost overruns in a renovation of the Fed’s Washington headquarters.
Tillis, who saw the probe as “bogus” and a threat to the Fed’s independence on monetary policy, said in an interview on NBC’s “Meet the Press” that he received assurances the department wouldn’t reopen the case unless the Fed’s inspector general, who is also reviewing the project, sends a criminal referral.
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