Fed chief Powell is likely to avoid prosecution, but US President Donald Trump continues to push for a change in leadership.
April 27, 2026, 06:32April 27, 2026, 06:32
He is receiving prominent support for his candidate for Federal Reserve chief, Kevin Warsh.
Thom Tillis criticized the US Department of Justice’s investigation into current Fed Chairman Jerome Powell.Image: keystone
Influential Republican Senator Thom Tillis of North Carolina said he looks forward to supporting Kevin Warsh’s confirmation. “He is an excellent candidate.” Trump nominated Warsh, the decision in Congress is still pending.
Tillis thus gave up his resistance to the change in leadership at the Federal Reserve (Fed) promoted by Trump. He justified this with the end of the public prosecutor’s investigation against the current Fed chairman Jerome Powell.
Prosecutors close investigations against Powell
The responsible district attorney had announced that she would end the investigation against Powell because of allegedly excessive renovation costs at the Fed. Powell had classified the threatened indictment as an attempt to influence the work of the Fed, which is viewed by many as the world’s most important central bank.
Trump has been insisting for some time that the Fed lower interest rates. He repeatedly insulted Powell and threatened to fire him. However, the Federal Reserve is an independent institution beholden to Congress.
Senator Tillis emphasized that the criminal investigation posed a serious threat to the Fed’s independence. Instead, there is now an internal Fed investigation into the allegations. “This is a necessary and appropriate measure,” Tillis noted. Powell’s term as Fed chair ends in May. (sda/dpa)