In a Fox Business interview, Senate Banking, Housing and Urban Affairs Committee Chairman Tim Scott outlined the Committee’s expected process for considering Kevin Warsh as the next Chair of the Federal Reserve, including a hearing next week and a subsequent Committee vote. He framed the upcoming scrutiny around the economy, price stability and inflation, and the Federal Reserve’s independence. Scott argued the Federal Reserve should be focused on the public rather than politics, criticising Chair Jay Powell’s tenure in that context. He also pointed to expanding access to credit for small businesses and first-time homebuyers as a policy priority, and pushed for embracing financial innovation, including digital assets. On stablecoins, he said he has not seen “savings accounts leak into stablecoins” and claimed savings account balances increased since the third quarter of 2025. Next steps set out in the interview were the Committee hearing with Warsh next week, followed by a later Committee vote.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-04-14
U.S. Senate Committee on Banking, Housing and Urban Affairs chair previews next week’s hearing on Kevin Warsh nomination as Federal Reserve Chair
The U.S. Senate Committee on Banking, Housing and Urban Affairs is expected to hold a hearing next week on Kevin Warsh’s nomination as Chair of the Federal Reserve, followed by a Committee vote. Chairman Tim Scott said scrutiny will focus on the economy, price stability, inflation and Federal Reserve independence, and highlighted priorities including expanded access to credit, support for financial innovation and digital assets, and his view that stablecoins have not drawn deposits from savings accounts.