WASHINGTON — A key Republican senator has cleared a major hurdle for President Donald Trump's effort to install a new Federal Reserve chair, dropping opposition to Kevin Warsh after federal prosecutors ended their investigation into current Fed Chair Jerome Powell.

Sen. Thom Tillis of North Carolina said Sunday he was prepared to move forward with confirming Warsh, a former high-ranking Federal Reserve official, according to reporting from Lex 18 News. The announcement removes a significant obstacle to the nomination in the Republican-controlled Senate Banking Committee, which had scheduled a vote on Warsh's confirmation for Wednesday.

Tillis had effectively blocked the nomination, citing concerns that the Justice Department investigation into Powell represented a "vindictive prosecution" that threatened the Fed's independence. The investigation centered on the central bank's multibillion-dollar building renovation project, which has ballooned to $2.5 billion from earlier estimates of $1.9 billion — a cost overrun Trump has criticized.

"I believe that there will not be any wrongdoing," Tillis told NBC's Meet the Press, adding that while someone "responsible for the project" may have made questionable decisions, the matter "doesn't rise to a criminal prosecution." He said he received assurances from the Justice Department that the case is "completely and fully settled."

The Senate Banking Committee said Saturday it planned to vote Wednesday on Warsh's nomination. Democrats quickly opposed the move, with Massachusetts Sen. Elizabeth Warren calling Warsh "nothing more than President Trump's sock puppet" and arguing that no Republican claiming to care about Fed independence should support his confirmation.

At his confirmation hearing last week, Warsh pledged to be an independent actor if confirmed, telling senators he never promised the White House he would cut interest rates. Trump, however, indicated hours earlier that he would be disappointed if Warsh did not immediately reduce rates.

Powell's term as Fed chair is scheduled to end May 15. He could remain on the board as a governor, a decision he has not yet made.