CHAIRMAN SCOTT CHAMPIONS KEVIN WARSH AS NEXT CHAIR OF THE FEDERAL RESERVE

The following information was released by the U.S. Senate Committee on Banking, Housing, and Urban Affairs:

Senate Banking Committee Chairman Tim Scott (R-S.C.) today convened a hearing to consider the nomination of Kevin Warsh, President Trump's pick to serve as a Governor and Chair of the Federal Reserve, as the central bank begins its transition to a new era of leadership. Chairman Scott highlighted Kevin Warsh's prior service as a Federal Reserve Governor during the financial crisis and noted his strong experience navigating major economic challenges.

In his opening statement, Chairman Scott stressed the direct impact Federal Reserve decisions have on everyday Americans, including what families pay for groceries, housing, and how far their paychecks go at the end of each month. He underscored the Banking Committee's oversight responsibilities and the importance of maintaining an independent Federal Reserve focused on its core mission of stable prices and maximum employment. Today's hearing marks a consequential step for the future direction of the Federal Reserve, and Chairman Scott is confident that Kevin Warsh meets the moment to tackle inflation, spur growth, and improve consumer confidence.

Chairman Scott's opening remarks as delivered:

Mr. Kevin Warsh, thank you for being with us today.

We're excited about the opportunity to discuss America's economy with you. This is really about the kitchen table. People across our country want to have confidence in our institutions, and I think your nomination goes in the direction of reinforcing why they should have confidence in the institutions.

You have been nominated by the President to be the Chairman of the Federal Reserve System.

The Federal Reserve plays a powerful role in our economy.

The monetary policy choices made at the Federal Reserve can affect Americans' abilities to buy groceries.

Whether or not they can afford a home.

How far their paychecks go, especially at the end of each month.

In South Carolina, I hear all the time how families are working hard, doing everything right, and still feeling squeezed.

Bidenomics made prices go up.

And paychecks have not kept pace.

Too many parents are stretching every single dollar they have just to cover the basics.

And too many workers are wondering when the economy will start to feel stronger at their kitchen table, not just on paper.

Congress, President Trump, and his administration are focusing on fixing the disastrous mistakes of Bidenomics to restore Americans' confidence in our economy.

Through efforts like the Working Families Tax Cuts bill, we are helping Americans keep more of their hard-earned money.

Compared to the average tax return under President Biden over four years, the average return is up 24 percent since then.

Just in the last year, the average return is now around $3,400 an 11% increase because President Trump and his leadership decided to focus on hard working Americans who are struggling to make ends meet paycheck to paycheck.

Nearly half the country half the returns filed in 2026 claimed either deduction for tipped income, overtime earnings, senior citizens, or auto loan interest four major parts of the Working Families Tax Cuts bill that every single person on this dais to the right voted for.

Under President Trump's leadership, Americans are keeping more of their hard-earned money, about $300 more every month.

It is necessary that Congress continues to put money back in the hands of everyday Americans, and that is why it is important and I want to be clear here that is why it is important that we confirm Kevin Warsh to be the Federal Reserve Chair.

The Federal Reserve has a clear dual mandate: to promote stable prices and maximum employment.

The policies of the Fed, therefore, directly affect Americans' cost of living and their income.

And when the Fed is successful in fulfilling its dual mandate, affordability improves, with Americans taking home more money and paying less for everyday necessities.

Unfortunately, in recent years the Fed has faced real challenges.

There have been questions about its decisions, its focus, and whether it has engaged in issues far outside its jurisdiction.

Under the Biden administration, the Federal Reserve appeared to move with the political winds, raising real concerns about weaponizing one of the most powerful weapons we have for good economically: the Federal Reserve System.

For example, under the Biden administration, the Fed pushed climate-focused initiatives, only to reverse that climate agenda as soon as President Trump took office.

When actions appear to shift with changing political priorities, it can undermine confidence in the independence of this great institution.

An independent Federal Reserve is essential to achieving its mission.

Markets depend on it.

Families depend on it.

And that independence must be protected.

The American people expect the Federal Reserve to stay focused on the economy, not politics.

Today's hearing is an opportunity to refocus the Federal Reserve on its dual mandate to increase economic stability and affordability for everyday Americans.

Kevin Warsh is battle-tested and brings the necessary experience from his time as a Federal Reserve Governor during the Great Recession.

During his first term as a Governor, he helped our economy through a crisis and restored faith in the economy.

He has seen the economy in its darkest days and understands how economic decisions affect job growth, our economy, and the opportunities that we have come to love as Americans.

We want every citizen in this country to have a chance to live their version of the American Dream, and that means having our private sector economy running as strong as possible.

Which means your focus has to be on everyday Americans and not politicians, not the political winds, but on everyday Americans who desperately want to restore their confidence in our institutions.

Today, this Committee will examine the plans Mr. Warsh has for his return to the Fed, this time as Chair, and how he plans to lead the institution at a critical moment to deliver lower costs and real relief for working families.

For folks back home in the great state of South Carolina and across the country, the goal is simple: they want lower costs and more opportunities.

The Federal Reserve plays a key role in bringing prices down and helping wages go up.

Confirming Kevin Warsh will make sure that affordability is at the center of our economic agenda.