Tim Scott says Warsh will restore Fed independence Powell lacked
Fox Business • • general
Key Points:
- Senate Banking Committee Chairman Tim Scott expressed confidence that Kevin Warsh will be confirmed as Federal Reserve Chairman despite expected Democratic opposition, praising Warsh's economic expertise and independence.
- Warsh, nominated by President Trump to replace Jerome Powell, faces scrutiny from Democrats over financial disclosures, which has delayed his confirmation hearing scheduled for Tuesday.
- Scott criticized Powell for politicizing the Fed's role, particularly on climate issues, and believes Warsh will maintain the Fed's independence and focus on monetary policy rather than political agendas.
- Warsh, a former Federal Reserve Board governor and economic advisor under President George W. Bush, will need a simple majority vote in the Senate to be confirmed, with Powell's term ending May 15.
- Scott lamented that Democrats may oppose Warsh due to fear of supporting a Trump nominee, despite bipartisan committee support and the nominee's qualifications.
