Trump's Fed pick clears a major hurdle

President Donald Trump's pick to replace Federal Reserve Chair Jerome Powell just got one step closer to confirmation.

The White House can breathe a sigh of relief after the Senate Banking Committee advanced Kevin Warsh's nomination along party lines in a 13-11 vote on Wednesday. Warsh's nomination is now headed to the Senate floor, where he is expected to be confirmed in a simple majority vote.

'This is a necessary and appropriate measure.'

Warsh's main hurdle was none other than Republican Sen. Thom Tillis of North Carolina, who vowed to oppose the nominee until the administration dropped its investigation into Powell's overbudget construction project of the Fed building.

The retiring Republican's calls were heard by the White House, and the DOJ's investigation was punted to the inspector general, which was enough to regain Tillis' support for the committee vote.

RELATED: Trump administration calls off criminal probe into Fed Chair Powell

Kevin Dietsch/Getty Images

"I welcome the Inspector General's investigation," Tillis said in a post on X, despite his vehement opposition to the DOJ-led investigation into Powell. "This is a necessary and appropriate measure, and I have confidence it will be conducted thoroughly and professionally."

"Only a criminal referral from the inspector general would cause a reopening of the investigation," Tillis added. "With these assurances, I look forward to supporting Kevin Warsh's confirmation."

Powell, whose term expires in May, said he will remain in the role until his replacement is officially confirmed.

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