Variables in the Powell investigation will affect Warsh's appointment timeline

Today, a U.S. judge blocked the Justice Department's subpoena for Powell, because he believes the U.S. government has not provided any evidence to suspect Powell of any crime, but rather wants to use this to force him to cut interest rates or resign.

Moreover, Senator Tillis of the Banking Committee has said that as long as the Justice Department's investigation into Powell is not over, he will block any new nomination for Fed Chairman.

It's important to know that out of the 24 members of the Banking Committee, 11 Democratic members previously stated that if Powell's investigation is not over, they will also oppose any new nomination.

So, if Tillis and the other 11 Democratic members oppose together at that time, it will result in a 12-12 tie. Warsh's nomination will not pass, thus requiring a full Senate vote. If the Senate does not approve it in time, then Powell may continue to serve as Chairman for a period after his term ends until a new Fed Chairman is approved.

So now we are in an awkward situation. It depends on whether the Trump administration will end the investigation into Powell in order to get Warsh appointed.

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