The US Treasury Secretary urges the Federal Reserve Chairman's confirmation hearing to proceed.

U.S. Treasury Secretary Scott Bessent has urged the Senate Banking Committee to hold a confirmation hearing for Federal Reserve Chairman nominee Kevin Warthy, Cointelegraph reports. Currently, Republican Senator Thom Tillis has stated that he will hold off on confirming a successor until the investigation into current Fed Chairman Jerome Powell is concluded. In an interview with Fox News, Bessent said, "Senator Tillis also assessed Warthy as a very strong candidate. Let's start with the hearing and see how the investigation progresses." However, Tillis has stated that he will not cooperate with the confirmation until the investigation is concluded, citing the need to protect the Fed's independence. While Republicans hold 13 of the 24 seats on the Senate Banking Committee, a no vote by Tillis would give Democrats the deciding vote.