By Nick Timiraos and Lindsay Wise

Sen. Thom Tillis (R., N.C.) told reporters Monday night that he understood why Fed Chair Jerome Powell would want to continue to serve on the central bank's board for a little while after his term as chair expires May 15.

The wait, Tillis said, would let an inspector general review of the Fed's construction project and a Justice Department appeal of a federal judge's ruling against the probe's subpoenas run their course.

Tillis's decision Sunday to back Kevin Warsh's confirmation cleared the last hurdle to a new Fed chair. He said Sunday that assurances from the Justice Department that its Friday announcement to suspend the probe and rely on a pending review by the Fed's inspector general had satisfied his longstanding opposition to confirming any Fed nominees while the probe was open.

On Monday, he told reporters he didn't expect Powell to stay "indefinitely." He added, "Hopefully it's not going to be a lengthy appeal, but I see a rational basis for sticking around until then." Powell has the option to stay on the Fed's board until early 2028 after his term as chair ends.

Tillis said he had been in contact with Powell over the weekend to gauge how the central bank and its attorneys might have been processing recent developments.

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(END) Dow Jones Newswires

April 28, 2026 09:27 ET (13:27 GMT)

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