US Treasury Secretary Scott Bessent urges Senate Banking Committee to proceed with confirmation hearings for Federal Reserve chair nominee Kevin Warsh. Republican Senator Thom Tillis plans to block nomination until DOJ resolves probe into current Fed chair Jerome Powell. Tillis seeks to protect Fed independence before supporting Warsh’s nomination.
Despite Tillis’ support for Warsh, he vows to block the nomination until DOJ clarifies Powell investigation. Republicans control majority of Senate Banking Committee seats, but Tillis could oppose Warsh, leaving decision to Democrats. DOJ investigation into Powell’s renovation expenses at Fed office buildings triggers nomination standoff.
DOJ investigation into Powell’s expenses prompts Trump to nominate Kevin Warsh as next Fed chair. Nominee must appear before Senate Banking Committee for review hearing. Committee votes to send nominee to full Senate for final confirmation. If confirmed, nominee will become next Fed chair.
Senate confirmation process for Fed chair nominee involves appearance before Senate Banking Committee, followed by full Senate vote. Nominee must receive favorable recommendation from committee to proceed to full Senate vote. Process concludes with nominee being sworn in as next Fed chair.

Read more at Cointelegraph: US Treasury Secretary Pushes For Start On Fed Chair Confirmation Hearings