Senator Thom Tillis announced Sunday that he is prepared to lift his opposition to the nomination of Kevin Warsh as the next Federal Reserve chair.
Tillis cited the Department of Justice's decision to end its probe into current Fed Chair Jerome Powell as a key factor in his change of stance.
'I am prepared to move on with the confirmation of Mr. Warsh, I think he's going to be a great Fed chair,' Tillis stated.
The development could have significant implications for the Fed's leadership transition, which has been stalled due to Tillis's objections.
Warsh, a former Fed official and long-time advocate of free-market policies, has been under consideration for the role for several months.
His potential confirmation would mark a shift in the central bank's policy direction, with Warsh known for his hawkish stance on inflation and monetary tightening.