GOP Sen. Thom Tillis says he will block any of Trumps Fed picks over investigation into Powell

Sen.Thom Tillis (R-NC) said Sunday he will block any of President Trump’s candidates for the Federal Reserve following news of the Justice Department’s criminal investigation into Fed Chair Jerome Powell.Tillis’ new stance could throw a monkey wrench into approval for any of Trump’s picks to lead the Fed or replace potential retirees — the Senate Banking Committee, which has 13 Republicans including Tillis plus 11 Democrats, must approve all central bank nominees.“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.

It is now the independence and credibility of the Department of Justice that are in question,” Tillis said in a Sunday 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,” added the senator, who is retiring.Powell’s term as chairman expires in May.It’s possible he could stay on as a Fed governor through 2028, though he has declined to comment on whether he will remain on the board.Powell confirmed Sunday that federal prosecutors have launched a criminal investigation into him related to the Fed’s renovation of its Washington, DC, headquarters — after months of Trump bashing the chairman as “Too Late Powell” for not slashing interest rates quickly enough.“No one — certainly not the chair of the Federal Reserve — is above the law.

But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure,” Powell said in a Sunday statement.“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president,” he added.Fellow Sen.Elizabeth Warren (D-Mass.) echoed Tillis’ comments, accusing Trump ...