Global Economy — 2026-04-26

Tillis Clears Path for Kevin Warsh Federal Reserve Confirmation After DOJ Independence Assurances

Sen. Tillis announced April 26 he will vote to confirm Kevin Warsh as Fed Chair after US Attorney Jeanine Pirro's office ended the DOJ criminal probe of Chair Jerome Powell related to alleged cost overruns on Fed building renovations. Tillis said he received assurances that the only way an investigation would be open would be a criminal referral from the Fed IG, and that the current investigation is completely and fully ended. The Senate Banking Committee plans to vote Wednesday on Warsh's nomination, clearing the path for confirmation before Powell's term expires May 15.

Analysis
The Pirro office's termination of the DOJ probe satisfied Tillis's stated condition, and with 53 Republican senators aligned and a Banking Committee vote scheduled Wednesday, Warsh's confirmation before Powell's May 15 term expiry is likely, per independently reported congressional sourcing from CNBC and NBC News. The closure, though, rests on Tillis's characterization of Pirro's communication rather than an independent DOJ statement. The procedural guardrail embedded in the deal, requiring a criminal referral from the Fed IG for future Fed investigations, is self-enforcing: it insulates Warsh from the same treatment Powell received, giving the majority caucus durable incentive to hold the arrangement. Closing the probe on bargained rather than merits grounds leaves the renovation cost-overrun allegations substantively unresolved. A Democratic procedural maneuver or a late disclosure in Warsh's financial records could still slip the committee vote past Wednesday, though neither appears in current reporting.

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