The announcement by Sen. Thom Tillis of North Carolina removes a big hurdle to Trump's effort to install Kevin Warsh, a former high-ranking Fed official, in the job in place of Jerome Powell, long under White House pressure to lower interest rates. Tillis' opposition was enough to stall the nomination in the GOP-controlled Senate Banking Committee as Powell neared the scheduled end of his term on 15 May.
“I am prepared to move on with the confirmation of Mr. Warsh. I think he’s going to be a great Fed chair,” Tillis told NBC’s “Meet the Press,” two days after the US attorney for the District of Columbia said her office’s investigation of the Fed’s multibillion-dollar building renovations was over. Powell's brief congressional testimony last summer about that work was also under review.
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