U.S. Treasury Secretary Scott Bessent has recommended that the Senate hold a hearing on President Donald Trump's nominee for Federal Reserve Chair, despite a key Republican senator's pledge to block all such nominations until a criminal investigation into current Chair Jerome Powell is resolved. On January 30, Trump nominated Kevin Warsh to succeed Powell as Fed Chair. Bessent noted that Warsh previously received broad Senate support during his tenure as a Federal Reserve governor and argued that, despite the obstruction, a hearing for his latest nomination should proceed.

Senator Tom Tillis, a Republican member of the banking committee responsible for conducting hearings on central bank nominees, stated he would block all of Trump's Fed nominations until the Justice Department completes its investigation into Powell’s statements to Congress last year regarding the renovation of the Fed’s headquarters. Bessent remarked, "Senator Tillis has publicly stated that he believes Kevin Warsh is an excellent candidate." He added, "So my suggestion is: Why don’t we proceed with the hearing now and see how the investigation by Jane Piro unfolds." Piro, the federal prosecutor for the District of Columbia, is leading the investigation into Powell and has already issued subpoenas in the case.