A Republican senator is again breaking with President Donald Trump, this time pledging to block any effort to confirm a new Federal Reserve chair if current Chair Jerome Powell is forced out. Sen. Thom Tillis of North Carolina said he will oppose future nominees amid reports that Powell is under criminal investigation related to testimony about renovations at the Federal Reserve.
In a post on X, Tillis said the situation raises serious concerns about political interference with the central bank and the Justice Department. He said he would oppose the confirmation of any Federal Reserve nominee, including a new chair, until the legal matter involving Powell is fully resolved.
Tillis’ stance carries weight because he serves on the Senate Banking Committee, which oversees and advances Federal Reserve nominations. Powell’s term as chair expires in May, though he is expected to remain on the Fed’s board of governors until 2028 unless removed.
The North Carolina senator has recently taken other positions at odds with the Trump administration. Last week, Tillis said he would block future Department of Homeland Security nominees until DHS Secretary Kristi Noem appears before the Senate Judiciary Committee, a move the department criticized as potentially harmful to national security.
Senator Thom Tillis (R-NC)
Photo: Gage Skidmore
The controversy surrounding Powell stems from an investigation by the U.S. Attorney’s Office for the District of Columbia into testimony he gave to the Senate Banking Committee last June regarding renovations to the Federal Reserve’s Washington headquarters. Investigators are examining whether Powell misled lawmakers about the scope of the project, which is funded by the Fed rather than taxpayers.
Powell has denied wrongdoing and said the investigation is tied to disagreements over monetary policy rather than the renovation itself. Democrats, including Sen. Elizabeth Warren, have accused Trump of attempting to undermine the Federal Reserve’s independence, while Trump has made clear he wants a new chair who will cut interest rates more aggressively following recent rate reductions by the central bank.
