Bessent recommends holding the Wash nomination hearing simultaneously with the Powell investigation

BlockBeats News, February 9 — U.S. Treasury Secretary Janet Yellen suggested that the Fed nomination hearing for Jerome Powell and the investigation into current Chairman Powell be held simultaneously. Previously, Republican Senator Thom Tillis stated that he plans to delay the selection process for the next Federal Reserve Chair until the Department of Justice concludes its investigation into Powell. Although Tillis supports Wosh for the Fed Chair, as a member of the Senate Banking Committee, he has repeatedly vowed to block the nomination until the Department of Justice uncovers the truth to maintain the independence of the Federal Reserve.

Tillis’s vote is very crucial. The Republicans currently hold 13 out of 24 seats on the Senate Banking Committee, and they can unite to vote to confirm Wosh’s nomination. However, due to Tillis’s defection, a tie vote may occur.