In the United States, on April 26, 2026, Senator Thom Tillis from North Carolina publicly declared his intention to support Kevin Warsh's nomination as the new chair of the Federal Reserve. This announcement came shortly after the Department of Justice decided to drop its investigation into Jerome Powell, the incumbent chair, which previously stalled Warsh's confirmation process. Tillis had initially opposed Warsh's nomination due to his concerns over the implications of the DOJ investigation. With the investigation concluded and assurances from the Justice Department that there was no wrongdoing involved with Powell, Tillis felt confident moving forward with Warsh's confirmation. The Department of Justice's investigation was centered around a renovation project at the Federal Reserve's headquarters, which had led to significant budget overruns. These cost increases were reportedly attributed to unforeseen circumstances, notably a sinkhole and rising prices of construction materials. The inquiry faced criticism and was described by a federal judge as lacking evidence to support its claims. As a result, many viewed the investigation as a political maneuver designed to undermine Powell and facilitate Warsh's rise. This controversy surrounding the renovation project added to the ongoing dialogue about the independence of the Federal Reserve. With the DOJ concluding its investigation, it allowed for a clearer path for Warsh's nomination. Tillis characterized Warsh as an ideal candidate for the position, emphasizing that his prior opposition was strictly a protest against the investigation into Powell rather than any shortcomings on Warsh's part. He expressed his desire for Warsh to assume leadership promptly, coinciding with Powell's impending term end. The Senate Banking Committee is scheduled to consider Warsh's nomination, with a vote anticipated in the coming days. The momentum for Warsh's confirmation appears strengthened by both Tillis's announcement and the cessation of the DOJ investigation, setting the stage for potential changes in the Federal Reserve's leadership. As the situation develops, the Republican-controlled Senate is poised to advance Warsh's nomination, amid discussions about Powell’s future role. Although Powell’s term as chair is set to conclude, he has the option to remain on the Fed’s board as a lower-ranking governor. Powell's legal team has previously noted that he could not resign while facing an ongoing investigation. With this new chapter unfolding at the Federal Reserve, the broader implications of Warsh's confirmation remain to be seen, especially regarding monetary policy and the Fed's response to economic challenges.