Republican North Carolina Sen. Thom Tillis has said he will oppose any of President Donald Trump’s future nominees to the Federal Reserve Board of Governors after the Department of Justice launched an investigation into Federal Reserve Chair Jerome Powell.
Tillis, a member of the Senate Banking Committee who is not seeking reelection, issued a damning statement condemning the president in the wake of another federal probe targeting one of Trump’s nemeses.
“If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none. It is now the independence and credibility of the Department of Justice that are in question,” Tillis said.
“I will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved.”
Powell confirmed that Trump’s DOJ has threatened to indict him over his June 2025 testimony to the Senate Banking Committee regarding plans to renovate the historic Federal Reserve office buildings.
However, in a statement, Powell suggested there were ulterior motivations behind the probe.
“I have deep respect for the rule of law and for accountability in our democracy. No one—certainly not the chair of the Federal Reserve—is above the law. But this unprecedented action should be seen in the broader context of the administration’s threats and ongoing pressure,” Powell said.
“This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Fed, through testimony and other public disclosures, made every effort to keep Congress informed about the renovation project. Those are pretexts,” he added. “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.”
Trump has spent months repeatedly attacking Powell as “stupid,” a “dummy,” and a “knucklehead” for refusing to slash interest rates as quickly as the president would like, while suggesting the nonpartisan central bank is biased against him. Trump has also threatened to remove Powell as Fed chair before his term ends in May.
Federal Reserve Board Governor Kevin Warsh and National Economic Council Director Kevin Hassett are among the names Trump is considering as potential replacements, a move that would require Senate confirmation.
Assuming every Democrat votes against Trump’s nominations for positions on the Federal Reserve board, including Powell’s replacement, only four opposing GOP senators would be needed to torpedo any of the president’s picks.
Elsewhere, North Dakota GOP Sen. Kevin Cramer, a vocal critic of Powell, has rejected the basis for the probe.
“Jerome Powell is a bad Fed Chair who has been elusive with Congress, especially regarding the overruns of the elaborate renovations of the building,” Cramer said. “I do not believe however, he is a criminal. I hope this criminal investigation can be put to rest quickly along with the remainder of Jerome Powell’s term. We need to restore confidence in the Fed.”
Alaska Sen. Lisa Murkowski, a moderate Republican who frequently opposes Trump’s agenda, posted: “After speaking with Chair Powell this morning, it’s clear the administration’s investigation is nothing more than an attempt at coercion.
“If the Department of Justice believes an investigation into Chair Powell is warranted based on project cost overruns—which are not unusual—then Congress needs to investigate the Department of Justice. The stakes are too high to look the other way: if the Federal Reserve loses its independence, the stability of our markets and the broader economy will suffer. My colleague, Senator Tillis, is right in blocking any Federal Reserve nominees until this is resolved."
Sen. Elizabeth Warren, the top Democrat on the Banking Committee, has urged that none of Trump’s Fed picks be confirmed in response to his latest revenge campaign that has also targeted former FBI Director James Comey, New York Attorney General Letitia James, and Federal Reserve Governor Lisa Cook.
“Trump wants to nominate a new Fed Chair AND push Powell off the Board for good to complete his corrupt takeover of our central bank,” Warren posted on X. “He is abusing the law like a wannabe dictator so the Fed serves him and his billionaire friends. The Senate must not move ANY Trump Fed nominee.”
Trump claimed he did not “know anything” about the DOJ investigation into Powell—despite repeatedly threatening such action—and denied that it was related to Powell’s refusal to cut interest rates more quickly.
“I wouldn’t even think of doing it that way. What should pressure him is the fact that rates are far too high. That’s the only pressure he’s got,” Trump told NBC News.
“He’s hurt a lot of people,” he added. “I think the public is pressuring him.”
The Daily Beast has contacted the White House for comment.
