Treasury Secretary Scott Bessent said Friday he believes the Senate Banking Committee will begin processing Kevin Warsh’s nomination as the next Federal Reserve chair, despite North Carolina GOP Sen. Thom Tillis' vow to block it.

Tillis has vowed to block all Federal Reserve Board nominations until the Justice Department ends its probe into current chairman Jerome Powell. Powell revealed the investigation last month, stating that the department recently delivered grand jury subpoenas to the Fed regarding his testimony before the Senate Banking Committee last June.

“My understanding is that we are going to proceed with the hearings,” Bessent said on CNBC’s “Squawk Box.” “Sen. Tillis wants to keep a hold on any vote with Kevin Warsh leaving committee, making it to the full Senate. But I think it’s important to get the hearings underway, and I think we have an agreement to do that.”

Tillis repeated his commitment to blocking all Federal Reserve board nominations in a CBS News segment airing Sunday, but has praised Warsh as a "qualified nominee with a deep understanding of monetary policy." 

President Donald Trump nominated Warsh, a former Federal Reserve governor, as the next chairman last month, but he will not be able to assume the role until Powell's term ends in May.