On Sunday, Sen. Thom Tillis (R-N.C.) said he would confirm Donald Trump’s nominee for the new Federal Reserve chair after the Department of Justice made “assurances” to him that it would drop its investigation into the current chair, Jerome Powell.

“The U.S. Attorney’s Office criminal investigation into Chair Powell was a serious threat to the Fed’s independence,” Tillis wrote in a Sunday morning statement on X. “I take the Department of Justice at its word: the investigation is closed.”

The dispute started when the Justice Department opened a criminal probe into Chair Jerome Powell over costs in funding renovations to the Federal Reserve’s Washington headquarters. But on Friday,........

© Mother Jones