Thom Tillis Steps Aside and Kevin Warsh Is Now on Track to Lead the Federal Reserve

For months, Kevin Warsh’s path to the Federal Reserve chairmanship ran straight through one Republican senator who refused to budge: Thom Tillis of North Carolina. Tillis had made clear he would block Warsh’s confirmation until the Justice Department dropped what he called an illegitimate criminal probe of current Fed Chair Jerome Powell. On Friday, the DOJ dropped it. On Sunday, Tillis dropped his block. The Senate Banking Committee is now expected to vote Wednesday on Warsh’s nomination. A floor vote could follow before Powell’s term as chair expires on May 15. Tillis had made his position clear since January, when...