Tillis Blocks Trump's Fed Pick, Warsh Steps In

0:00It's April 26. I'm Corey with The Story, and this is Canada News Today, your AI-powered local news. Senator Tom Tillis, from North Carolina, just dropped his block on President Trump's pick for Federal Reserve Chair. That's Kevin Worsh, a former top-fed official, stepping in for Jerome Powell, whose term ends May 15. Tillis had stalled the nomination in the Senate Banking Committee, but now with the Justice Department closing its probe into Powell, the path looks. Clear The investigation zeroed in on a massive Fed-building renovation project. Costs ballooned from $1.9 billion to $2.5 billion, drawing fire from Trump. Powell himself called for the Internal Watchdog Review back in July to check for any issues. Tillis made it clear he worried about overzealous prosecutors using the probe to force Powell out early. He got assurances from the Justice Department that the case is fully settled unless a top inspector general refers a real crime. Trump, whose long push for lower interest rates, called Worsh Fantastic and said sailing

1:04should be smooth now. At his confirmation hearing last week, Worsh swore he'd stay independent and never promise rate cuts to the White House. A federal judge already shut down some Justice Department subpoenas aimed at pressuring Powell, calling them harassment with no evidence of crime. This clears a major hurdle, but Powell could stick around on the Fed board until January 2028. With Trump's history of leaning on the central bank, expect more drama as rates and renovations stay in the spotlight.