Washington DC - President Donald Trump's nominee to succeed Jerome Powell as chairman of the US Federal Reserve will face a Senate confirmation hearing next week, according to a schedule released Tuesday by the Banking Committee.

The Republican-led panel is expected to quiz former Fed official Kevin Warsh at his April 21 appearance on his vast wealth and his past ties to notorious sex offender Jeffrey Epstein, as well as his views on interest rates and other economic issues.

But his confirmation faces obstacles, with one Republican on the committee maintaining a hold on all nominees until the Justice Department concludes an investigation into Powell that a federal judge suggested was politically motivated.

Treasury Secretary Scott Bessent said Tuesday that the administration wants Warsh in place as the new chair "as soon as possible," but Republican Senator Thom Tillis – who sits on the Banking Committee – has vowed to block the confirmation until the legal issue is resolved.

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"I think we're going to let this play out," Bessent said Tuesday. "There's agreement for the hearings."

Bessent added that he believes Tillis is ultimately "a reasonable man."

Asked if he has been in talks to drop the Justice Department investigation, Bessent said: "I don't control the DOJ probe."

But he maintained: "I am confident that [Warsh] will be the Fed chair."

Previously, a federal judge quashed subpoenas issued to the Fed as part of the Justice Department probe, with the court saying there was "a mountain of evidence" to suggest the investigation was a pressure tactic.