The Justice Department’s investigation of Federal Reserve Chair Jerome Powell could complicate the path to confirmation for President Donald Trump’s future nominees for the Fed Board of Governors after a key GOP senator said Sunday he’d oppose any Trump picks to replace Powell or other board members.
Sen. Thom Tillis, R-N.C., is a swing vote on the Banking Committee, which oversees the Fed and approves central bank nominees. The panel is currently split 13-11 between the majority Republicans and minority Democrats, meaning a single GOP defection could result in a deadlocked vote.
“If there were any remaining doubt whether advisers within the Trump administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” Tillis said in a statement. “I will oppose the confirmation of any nominee for the Fed — including the upcoming Fed chair vacancy — until this legal matter is fully resolved.”
