Key TakeawaysSenator Thom Tillis, who sits on the Senate Banking Committee, has pledged to block any Fed nomination until a Department of Justice into Powell The White House simultaneously submitted Warsh’s nomination as a Fed governor for a 14-year term US President Donald Trump has formally sent Kevin Warsh’s nomination to the US Senate to serve as the next chair of the Federal Reserve Board of Governors, the White House confirmed Wednesday. Warsh, who has previously expressed favorable views toward Bitcoin, would replace current Fed Chair Jerome Powell, whose term as chair expires May 15.Along with the chairmanship nomination covering a four-year term, the White House simultaneously submitted Warsh’s nomination as a Fed governor for a 14-year term.Powell is expected to serve out the remainder of his chairmanship despite Trump previously floating the idea of removing him. He could remain as a Fed governor until January 31, 2028. However, Powell’s term as chair ends on May 15 this year.The path to confirmation, however, appears rocky. Senate Minority Leader Chuck Schumer moved quickly to oppose the pick in January, calling on Republican colleagues to halt the process until Warsh publicly commits to preserving the Fed’s independence from political interference. The Fed’s independence is broadly viewed as central to its capacity to manage inflation and maintain economic stability.Meanwhile, a more immediate obstacle sits within the Republican ranks. Senator Thom Tillis, who sits on the Senate Banking Committee, has pledged to block any Fed nomination until a Department of Justice (DOJ) investigation into Powell, relating to his testimony last summer about Federal Reserve building renovations, is closed. Tillis has called the probe baseless and sees it as a direct threat to the central bank’s autonomy. His refusal to vote yes would effectively neutralise the committee’s narrow Republican majority should Democrats oppose Warsh unanimously.Congressmen Warn Gary Gensler That the Newly Proposed SEC Rule Would “Stifle Innovation” Best AI Documentaries To WatchBitpay Card Review – Is this Crypto Card worth buying?When Will Sol Touch $500 levels: Next Target Revealed