US heavyweight Senator Tillis: It is reasonable for Powell to stay on after his term expires, and it is unlikely to be indefinite.

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Thom Tillis, a heavyweight Republican senator from North Carolina, told reporters that he understands why Fed Chair Jerome Powell wishes to briefly remain on the Fed board after his chairmanship expires on May 15.

Tillis explained that during the extended period, two outcomes can be awaited: first, the Fed inspector general’s review of its construction project; second, the appeal by the U.S. Department of Justice against a federal judge’s ruling invalidating a subpoena.

On Sunday, Tillis decided to support the nomination of Kevin Warsh, clearing the final hurdle for the new Fed chair’s appointment. He said the U.S. Department of Justice announced on Friday it would suspend its investigation and instead rely on the inspector general’s pending report, which alleviated his longstanding concerns—for he had previously strongly opposed confirming any Fed nominee while investigations remained unresolved.

Tillis also revealed that he kept in contact with Powell over the past weekend to understand the Fed and its legal team’s assessment of recent developments.

A previous article from the WallstreetCN website mentioned that on Sunday Tillis announced he would withdraw his opposition to Warsh’s nomination, paving the way for the committee vote scheduled for April 29. Before this, the U.S. Department of Justice announced the termination of its criminal investigation against the current Fed chair Powell. Tillis stated this decision removed his core concerns about threats to Fed independence.

Tillis told reporters he does not expect Powell to “stay indefinitely,” and added: “Hopefully the appeal won’t drag on too long, but I think there is a reasonable basis for him to remain until then.” After his term as Fed chair ends, Powell has the right to remain as a regular board member until early 2028.

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