Tillis ends block of Fed chair nominee Warsh, clears way for Trump pick

Sen. Thom Tillis said Sunday he is willing to end his blockade of Federal Reserve chair nominee Kevin Warsh after the U.S. Department of Justice dropped its criminal investigation of Fed Chair Jerome Powell . Warsh now has a clear path to replacing Powell as the next leader of the Fed when Powell's term expires in mid-May. The Senate Banking Committee is set to vote on his confirmation on Wednesday, and the full Senate could take it up shortly after. With Tillis's support, the confirmation of President Donald Trump 's pick to lead the Fed is all but assured. "I am prepared to move on with the confirmation of Mr. Warsh, I think he's going to be a great Fed chair," Tillis, R-N.C., said on NBC's "Meet the Press." "We were very clear that we have assurances from the DOJ that I needed to make sure they were not using the DOJ as a weapon to threaten the independence of the Fed. So this will allow Mr. Warsh to move on with his confirmation on time." Tillis had vowed to withhold his vote for Warsh, whom he supports, before the Senate Banking Committee until the DOJ dropped its investigation of Powell. The Justice Department was investigating Powell over alleged cost overruns related to renovations at the Federal Reserve building. The Fed declined to comment Sunday. Warsh didn't immediately respond to a request for comment. Tillis' vote is critical to Warsh's confirmation, as the Banking Committee is made up of 13 Republicans and 11 Democrats. …