Warsh to meet Tillis as Senate confirmation remains blocked

Federal Reserve chair nominee Kevin Warsh will meet this week with the Republican senator who has been blocking his nomination in objection to President Donald Trump's attacks on the central bank.Warsh will meet with Sen. Thom Tillis of North Carolina, the senator's office said Monday. Warsh will also meet with Sen. Kevin Cramer, R.-N.D., the senator told CNBC.

The Senate Banking Committee, where both Cramer and Tillis are members, oversees nominees to the Fed. Other meetings with members of the committee are expected this week. Tillis has praised Warsh's acumen as a potential Fed chair but has said he won't vote to confirm any Fed nominees until the Department of Justice drops a criminal investigation into Chair Jerome Powell. Powell has called the probe a pretext to punish him for declining to cut rates on Trump's insistence.Tillis is set to retire next year when his term expires. Warsh didn't immediately respond to a request for comment.Powell's term as chair ends May 15, though he can continue to serve in the board seat on the Fed he also occupies until January 2028. Powell has led the Fed through a round of rate cuts that have left its benchmark overnight interest rate at 3.5-3.75%. Trump wants it down to 1% or lower. Oil disruptions stemming from the Iran war have prompted some Fed officials to question whether the central bank can continue cutting this year. Investors overwhelmingly expect the Fed to keep rates steady when it convenes next week. Warsh, however, is likely to press for cuts as soon as he becomes chair, regardless of the oil situation. —Emily Wilkins contributed to this report.Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2026 Versant Media, LLC.

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