Republican Senator Thom Tillis is blocking Warsh's nomination until the DOJ investigation of Jerome Powell is resolved, despite having a "deep understanding of monetary policy". Markets are pricing Warsh's eventual confirmation at 94¢, but timing remains uncertain with Powell's chair term ending in May 2026. If confirmation extends beyond May, Vice Chair Philip Jefferson would serve as acting chair, creating potential market uncertainty during the transition. The delay highlights political tensions over Fed independence even as markets remain confident in Warsh's ultimate approval.