Treasury Secretary Expects Senate to Hold Fed Chair Nomination Hearing

Bessent says he has reached an agreement with Senate Republicans to move forward with Kevin Warsh's nomination despite ongoing probe into Fed Chair Powell.

Published on Feb. 13, 2026

Got story updates? Submit your updates here. ›

Treasury Secretary Scott Bessent said he has reached an agreement with the Senate Banking Committee to proceed with a hearing to consider President Trump's nomination of Kevin Warsh as the next Federal Reserve chair. This comes after a two-week standstill where Sen. Thom Tillis, a senior member of the committee, had blocked the hearing due to an ongoing criminal investigation into current Fed Chair Jerome Powell.

Why it matters

The nomination of the Federal Reserve chair is a critical process that impacts the nation's monetary policy and economic stability. Tillis' blockade threatened to delay this process, raising concerns about the Fed's independence from political interference.

The details

Bessent said he talked with a Senate Republican working group and expects them to move forward with the Warsh nomination hearing. However, Tillis maintained that he will not allow any Fed board nominee to proceed until the investigation into Powell is completed. Tillis sees the probe as an attempt to pressure Powell to step aside, which he believes threatens the Fed's independence.

  • On January 30, President Trump announced Kevin Warsh as his pick to serve as the next chair of the Federal Reserve.
  • For the past two weeks, Sen. Thom Tillis has blocked the Senate Banking Committee from holding a hearing to consider Warsh's nomination.

The players

Scott Bessent

The current U.S. Treasury Secretary.

Thom Tillis

A senior member of the Senate Banking Committee who has blocked the hearing to consider Warsh's nomination for Fed chair.

Kevin Warsh

President Trump's nominee to serve as the next chair of the Federal Reserve.

Jerome Powell

The current chair of the Federal Reserve, who is under criminal investigation.

Got photos? Submit your photos here. ›

What they’re saying

“It's important to get the hearings underway, and I think we have an agreement to do that.”

— Scott Bessent, Treasury Secretary (CNBC)

“I have no intention of allowing any Fed board nominee to move forward out of committee and to be confirmed, until this matter is settled.”

— Thom Tillis, U.S. Senator (Bloomberg TV)

“This is foundational to Fed independence, and I, for one, am going to stand on the side of certainty, and Fed independence is what delivers certainty in our markets.”

— Thom Tillis, U.S. Senator (Bloomberg TV)

What’s next

The Senate Banking Committee is expected to hold a hearing to consider Kevin Warsh's nomination for Federal Reserve chair, despite Sen. Tillis' continued opposition.

The takeaway

This standoff highlights the importance of maintaining the Federal Reserve's independence from political interference, as the central bank's decisions have far-reaching impacts on the nation's economy and financial markets.