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US inflation jumps, though long-term war impact yet to be seen Hospitals consider replacing some radiologists with AI Amazon takes a jab at Nvidia over chips shift VCs step in to fund university upstarts Exclusive: Anthropic is gaining on OpenAI’s revenue, but hasn’t yet eclipsed it Exclusive: AI powerhouses threaten data processing firms A South African artist is changing the way viewers understand Picasso’s Guernica Airbnb faces familiar battle in Cape Town First look at war-related inflation sparks political jostling View: China’s state businesses are reshaping markets in Africa US issues Nigeria travel warning over terrorism, kidnapping FirstRand exits UK business after regulatory hit Afreximbank’s $800M answer to Fitch Exclusive: Navy takes nuclear-powered sub offline after $800 million cost run-up Cuba leader says he will not step down Fed, Treasury summon Wall Street chiefs over AI fears How Bluesky earned its reputation — and why it could be the way of the future China eyes 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Republicans fight among themselves over their long pre-election to-do list Exclusive: Gulf sovereigns quadruple private credit portfolios Abu Dhabi’s Mubadala soars after dealmaking spree View: Ceasefire offers respite, but no quick rebound for the Gulf A Saudi oil magazine is publishing some of the best writing about the Islamic world Exclusive: SpaceX bankers game plan to blunt post-IPO selling tsunami Exclusive: Hormuz closure turns truckers into logistics saviors View: As Republicans embrace AI in campaigning, Democrats bet on a backlash Oil prices remain high despite Iran ceasefire Ancient philosopher text unearthed Panama pushes back against China in canal row China’s yuan set to strengthen due to Middle East war View: Ceasefire shows the power of Iran’s energy weapon EU faces ‘stagflation’ over war, economy official warns Trump slams NATO again Iran war support Iran maintains firm grip on Hormuz traffic Israel’s attacks in Lebanon threaten Iran war truce VP Vance to lead Iran 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Warsh hearing puts Fed onus back on Trump
Eleanor Muel · 2026-04-22 · via Semafor

Now that Federal Reserve nominee Kevin Warsh is through his confirmation hearing, Senate Republicans are back to hoping they can nudge President Donald Trump into a compromise.

The Trump administration had thought the hearing might spur Sen. Thom Tillis to drop his opposition. But the retiring North Carolina Republican didn’t ask Warsh a single question Tuesday, instead using his time to reiterate why he’s still planning to stop Warsh’s nomination from advancing unless US Attorney Jeanine Pirro abandons her Trump-backed investigation into current Fed Chair Jerome Powell.

Tillis told Semafor after the hearing that he is “constantly” in contact with Treasury Secretary Scott Bessent, who privately suggested earlier this year that the Senate Banking Committee could probe the central bank’s renovation — instead of Pirro and her federal prosecutors.

“I’ve been saying I think it’s great,” as long as the Justice Department first drops its investigation, Tillis said. “Any subcommittees of jurisdiction, once a year, if we want an oversight hearing on capital projects — I think it’d be a great idea.”

He’s not the only Senate Republican rooting for that kind of escape hatch from Pirro’s probe: Banking Chair Tim Scott, R-S.C., told CNBC he’d like to create “a special committee” that would “have permanent oversight of construction projects” under the panel’s jurisdiction. He and Tillis both suggested lawmakers could refer their findings to DOJ if appropriate.

Trump seemed to shut down that idea later Tuesday in his own CNBC interview. But the rest of the party now seems to have little recourse but to pray he reconsiders.

“The sooner we put the other stuff behind us, it allows us to move forward with confirmation,” Sen. Kevin Cramer, R-N.D., told Semafor.

Sen. Mike Rounds, R-S.D., was more blunt: “Get [the investigation] out of where it’s at right now, and get the criminal stuff behind us, and then let’s see if we can’t help the president get his person.”

“Maybe we can take on what [Tillis] suggested today, which is maybe do some oversight on the part of our committee with regard to the building structure, that basically none of us see as criminal in nature,” Rounds added. “If there was something found, we can always refer it.”

Cramer expressed optimism that administration officials might want to examine cost overruns in the Fed’s renovation, which he called “an investigation that can continue apart from Jay Powell being under investigation for criminal charges”: “There are some opportunities to negotiate an off-ramp that provides winners all the way around.”

White House spokesperson Kush Desai said in a statement that “the White House continues to work with the Senate to ensure his swift confirmation.”