Senate Majority Leader John Thune, R-S.D., is urging the Trump administration to end its investigation of Federal Reserve Chair Jerome Powell, warning the unresolved probe is complicating the path for a replacement nominee.
"I think it's in everybody's best interest to wrap up the investigation. I've said that before, it would be better if it winds down," Thune said, according to The Hill.
Thune said ending the Justice Department's review would clear the way for action on President Donald Trump's nominee, Kevin Warsh, whose confirmation hearing is scheduled for next week.
Sen. Thom Tillis, R-N.C., has said he will hold Warsh’s nomination in the Senate Banking Committee until the Justice Department either ends its investigation into Powell or produces evidence of criminal wrongdoing.
"I think at some point they're going to have to deal with the committee and they're going to have to deal with Tillis," Thune said.
"A new man is nominated, very qualified," he added. "We're excited obviously to get the opportunity to confirm him. It would be great if we could wind up prior business before that happens."
Thune also said he has communicated his views to the White House.
The Justice Department is examining Powell's handling of a $2.5 billion renovation of the Federal Reserve's Washington headquarters and whether he misled Congress during testimony before the Senate Banking Committee in June.
Prosecutors from the U.S. Attorney's office for the District of Columbia made a surprise visit to the Federal Reserve building on Tuesday to tour the construction site.
President Donald Trump has repeatedly criticized Powell over the project, saying the cost overruns raise questions about his leadership.
Trump said the Fed chair is either "incompetent" or "crooked," pointing to the ballooning cost of the renovation. "He's billions of dollars over budget," Trump said.
On Wednesday, Trump escalated the standoff, acknowledging the administration’s probe could delay Warsh’s nomination while increasing pressure on Powell to step aside.
Trump said the review could prove Powell's "incompetence" and warned that if Powell does not leave entirely when his term as chair ends May 15, he could be removed from his role on the Federal Reserve Board of Governors.
"Then I'll have to fire him," Trump said.
Jim Mishler ✉
Jim Mishler, a seasoned reporter, anchor and news director, has decades of experience covering crime, politics and environmental issues.
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