Federal Reserve Chair Jerome Powell faces scrutiny as the Justice Department investigates him for potential perjury charges. Sen. Thom Tillis vows to block any Trump appointees to the central bank, including the new chair, complicating the replacement process. Powell accuses the administration of trying to gain control over the Fed.

Tillis’s opposition could lead to a stalemate in the Senate Banking Committee, where Powell’s replacement must be confirmed. Concerns also arise over other key positions at the Fed, including Governor Stephen Miran and Vice Chair Philip Jefferson. Powell can remain as governor until 2028, but uncertainty looms over his future.

Senator Elizabeth Warren criticizes Trump for allegedly seeking a “sock puppet” to lead the Fed and manipulate interest rates. The White House is narrowing down candidates to replace Powell, with Trump expected to announce a nominee soon. Powell’s term as chair ends in May, but his future remains uncertain.

Read more at CNBC: Republican Sen. Thom Tillis vows to block Trump’s Fed nominees following Powell probe