Sen. Thom Tillis to boycott Fed confirmations until probe into Powell is concluded

Suehyeon Lee

Summary

U.S. Republican Sen. Thom Tillis said he will oppose confirmations of senior Federal Reserve officials until the investigation into Fed Chair Jerome Powell is concluded.
Tillis said he will not consent to the confirmation of any Fed nominee, including the current Fed chair and the next candidate for Fed chair.
The report said this could affect the broader Senate confirmation process, fueling concerns about potential vacancies at the Fed and undermining continuity and independence in monetary policymaking.

Forecast Trend Report by Period

U.S. Republican Sen. Thom Tillis said he will oppose confirmations of senior Federal Reserve officials until an investigation into Federal Reserve Chair Jerome Powell is concluded.

According to Walter Bloomberg on the 12th (local time), Tillis said, "Until the investigation into the current Fed chair, Jerome Powell, is resolved, I will not consent to the confirmation of any Fed nominee," adding, "This also includes the next candidate for Fed chair."

The remarks are seen as a hard-line stance that could affect the Senate confirmation process more broadly. Confirmation of Fed governors and the chair requires Senate consent, and a single senator’s public boycott could raise the political stakes.

Concerns are also being raised that the possibility of vacancies at the Fed could come into focus at a time when continuity and independence in monetary policymaking are critical.