United States President Donald Trump has officially nominated Kevin Warsh as the next chairman of the Federal Reserve.
Warsh would succeed Fed Chairman Jerome Powell for a four-year term if confirmed by the Senate.
The White House said Trump’s nomination has been transmitted to the Senate.
The transmittal came more than a month after Trump announced he wanted Warsh as the next Fed chairman.
Republican Senator Thom Tillis said he would block Warsh’s nomination from proceeding in the Senate until a federal investigation of Powell by the U.S. attorney’s office in Washington, D.C., was dropped.
This could prevent the nomination from being considered by the full Senate.
The investigation was in connection with the US$2.5 billion renovation of the Federal Reserve’s headquarters in Washington, and his testimony about that project to the Senate.
The chair also said that “the threat of criminal charges” against him is directly due to him and other Fed governors refusing to bow to Trump and his demands that they cut interest rates more quickly than the president has demanded.
Trump also attempted to fire Fed Governor Lisa Cook, who sided with Powell on interest rate decisions.
At the time, the president cited allegations by a housing official he had picked that Cook had committed mortgage fraud, but his move to terminate her was seen as motivated by his own ire over her stance on interest rates.
Cook has denied any wrongdoing and remained on the Fed pending the outcome of a lawsuit against Trump challenging her removal.
The Supreme Court in January heard oral arguments in that case. The court has yet to issue a ruling on whether Trump can fire Cook.
