Republican

Kevin

Reserve

Update (Feb.9, 2026, 7:50 a.m. UTC): This article has been updated to clarify that Jeanine Pirro serves as the US attorney for the District of Columbia.
US Treasury Secretary Scott Bessent is calling on the Senate Banking Committee to proceed with confirmation hearings for Federal Reserve chair nominee Kevin Warsh, despite a standoff over an ongoing probe into current Fed chair Jerome Powell.&nbsp;
<a href="https://www.foxnews.com/media/treasury-secretary-predicts-blockbuster-2026-us-economy-dow-hits-historic-milestone" rel="noopener noreferrer nofollow">Speaking</a> on Fox News’ Sunday Morning Futures, Bessent cited a recent pushback from Republican Senator Thom Tillis, who said he plans to delay confirmation of the next Fed chair until the Department of Justice probe into Powell is resolved.&nbsp;
“Senator Tillis has come out and said he thinks that Kevin Warsh is an extreme candidate,” Bessent said, adding:&nbsp;
<blockquote>
 “So I would say, why don’t we get the hearings underway and see where Jeanine Pirro’s investigation goes?”
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<figure><img src="https://s3.cointelegraph.com/uploads/2026-02/019c409f-9a31-7ebd-a474-e8bf32c453a1.png" title="" alt="Bessent suggests Warsh nomination hearings alongside Powell probe">
 <figcaption>Scott Bessent speaking about Kevin Warsh and Thom Tillis. Source: <a href="https://www.foxnews.com/media/treasury-secretary-predicts-blockbuster-2026-us-economy-dow-hits-historic-milestone" rel="noopener noreferrer nofollow">Fox News</a>
 </figcaption>
</figure>
Despite his support for Warsh, Tillis, a member of the <a href="https://cointelegraph.com/news/white-house-officials-meeting-market-structure-bill" rel="noopener noreferrer nofollow">Senate Banking Committee</a>, has <a href="https://www.tillis.senate.gov/2026/1/tillis-statement-on-the-nomination-of-kevin-warsh-for-federal-reserve-chairman" rel="noopener noreferrer nofollow">vowed</a> on multiple occasions to block the nomination until the DOJ reaches “to the truth” of the matter, as part of a push to protect the Fed's independence.&nbsp;
“I’d be one of the first people to introduce Mr. Warsh if we’re behind this and support him, but not before this matter is settled,” Tillis <a href="https://www.cnbc.com/2026/02/04/fed-warsh-tillis-confirmation.html" rel="noopener noreferrer nofollow">told</a> CNBC on Wednesday.&nbsp;&nbsp;
Republicans control 13 of the 24 seats in the Senate Banking Committee, meaning that they could vote as a bloc to push through Warsh. However, with Tillis looking to halt the process, he could use his vote to oppose Warsh, putting the ultimate decision in the hands of the Democrats.&nbsp;&nbsp;
The Justice Department opened an investigation into Powell in early January, issuing grand jury subpoenas related to expenses tied to a multi-year renovation project at Federal Reserve office buildings. The probe is being handled through the office of Jeanine Pirro, who serves as the US attorney for the District of Columbia.
The DOJ, led by attorney Jeanine Pirro, initially opened an investigation into Powell in early January, serving the Fed with grand jury subpoenas and threats of criminal charges related to expenses for a multi-year renovation project at Fed office buildings.
Powell promptly denied the assertions and, on Jan. 11, argued that the investigation was politically motivated because the Fed’s interest rate policy was at odds with the wishes of US President Donald Trump.&nbsp;
On Jan. 30, Trump officially <a href="https://www.whitehouse.gov/articles/2026/01/wide-acclaim-for-president-trumps-nomination-of-kevin-warsh-as-fed-chair/" rel="noopener noreferrer nofollow">nominated</a> Kevin Warsh to succeed Powell as the <a href="https://cointelegraph.com/news/trump-fed-nomination-mixed-signal-bitcoin-liquidity" rel="noopener noreferrer nofollow">next Fed chair</a>.&nbsp;
Related: <a href="https://cointelegraph.com/news/federal-reserve-gradual-print-lyn-alden" rel="noopener noreferrer nofollow">Federal Reserve entering 'gradual print' mode — Lyn Alden</a>
Following a presidential nomination, the nominee must then appear before the Senate Banking Committee for a review hearing. The committee then votes on whether to send the nominee to the full senate with a favorable or non-favorable recommendation, or no recommendation at all.&nbsp;
Finally, the full Senate then holds a debate and vote, and if the nominee is confirmed, they can be officially sworn in as the next Fed chair.&nbsp;
Magazine: <a href="https://cointelegraph.com/magazine/critical-reason-never-ask-chatgpt-legal-advice/" rel="noopener noreferrer nofollow">The critical reason you should never ask ChatGPT for legal advice</a>

Bessent suggests Warsh nomination hearings alongside Powell probe

Cointelegraph

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