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White House press secretary Karoline Leavitt accused Sen. Thom Tillis, R-N.C., of holding America “hostage” for vowing to oppose President Donald Trump’s pick to chair the Federal Reserve until the administration ends its probe of current Fed Chair Jerome Powell.
“I certainly don’t think a United States sitting senator should be holding the entire country and our economy hostage over the fact that he has some political disagreements with an investigation that the Department of Justice is overseeing,” Leavitt said of Tillis on “Sunday Morning Futures.”
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She called Trump’s nominee, Kevin Warsh, a “highly qualified and distinguished economist with a very exceptional resume.”
Tillis does not dispute Warsh’s qualifications but takes issue with the investigation itself, writing on X that “the Department of Justice continues to pursue a criminal investigation into Chairman Jerome Powell based on committee testimony that no reasonable person could construe as possessing criminal intent.”
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“I will oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved.”
Powell has led the Fed since Trump nominated him to the post in 2017. The DOJ is investigating whether Powell knowingly misled lawmakers about the cost and timeline of a $2.5 billion renovation of the Fed’s headquarters.
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Although the investigation formally has nothing to do with Powell’s responsibilities as Fed chair, a bipartisan group of lawmakers has interpreted the probe as a way for Trump to put pressure on Powell to cut interest rates.
Trump has repeatedly called for lower rates, but Powell has resisted, citing the need for the agency to protect its independence.
The Fed maintains U.S. financial stability by governing the money supply and credit conditions to keep inflation under control and maximize employment — a mission Powell has said needs to be separate from the political goals of any given administration.
Fox News’ Leo Briceno contributed to this report.
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