Sure enough, Besent represented Trump and TACO-ed it. Since Tillis had previously made it clear that he would veto any personnel appointments unless the investigation into Powell was withdrawn. Besent had no choice but to agree to transfer the authority to investigate Fed Chair Powell from the Department of Justice to the Senate Banking Committee in exchange for Tillis' support for Waller taking over as Fed Chair. If Tillis accepts this proposal, Waller's path to taking office will be cleared, and the market will start repricing based on Waller's hawkish/dovish tendencies. But regardless of whether Tillis ultimately accepts, the Fed being politically interfered with is now a fact, and the Fed's independence will also be called into question.