Republican senator vows to block all Fed nominations after DoJ investigates Powell

Thom Tillis says he would oppose any nominee, including upcoming chair vacancy, ‘until legal matter is fully resolved’A Republican senator has vowed to block all Federal Reserve nominations after the justice department opened a criminal investigation into the Fed chair, Jerome Powell, inflaming tensions over the central bank’s independence.Thom Tillis of North Carolina, a member of the banking committee that oversees Fed appointments who is retiring at the end of his term later this year, said Sunday he would oppose any nominee for the Fed, including the upcoming chair vacancy, “until this legal matter is fully resolved.”“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 wrote on X.“It is now the independence and credibility of the Department of Justice that are in question.”The response comes days after the justice department subpoenaed the Federal Reserve on Friday as part of an investigation rooted in Powell’s testimony before the Senate in June about the ballooning costs of the Fed’s headquarters renovation. Powell confirmed the subpoena on Sunday and said the probe was part of a pressure campaign linked to the administration’s frustration with the Fed’s interest rate policy.“No one – certainly not the chair of the Federal Reserve – is above the law,” Powell said in a video posted by the Federal Reserve on X. “But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure.”1:59