In a CNBC interview ahead of the committee’s confirmation hearing, the U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Tim Scott backed President Trump’s nomination of Kevin Warsh to lead the Federal Reserve, presenting Warsh as ready to assume the role immediately and as a candidate who can help restore confidence in the U.S. economy. Scott highlighted Warsh’s crisis-management experience and his background in both the public and private sectors. He argued the Fed should refocus on independence and its dual mandate, and linked monetary policy outcomes to household priorities such as a rate environment supportive of homeownership and small business formation. Scott also framed the desired relationship among the administration, Congress and the Fed as collaborative while preserving central bank independence, with an emphasis on long-term economic conditions as a driver of mortgage rates and confidence.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2026-04-21
U.S. Senate Committee on Banking, Housing and Urban Affairs chair endorses Kevin Warsh for Federal Reserve Chair and urges renewed focus on independence and price stability
The U.S. Senate Banking Committee Chairman Tim Scott endorsed President Trump’s nomination of Kevin Warsh as Federal Reserve Chair, citing his crisis-management experience and public and private sector background. Scott called for renewed focus on the Fed’s independence and dual mandate, linking monetary policy to long-term economic conditions affecting mortgage rates, homeownership and small business formation within a collaborative framework between the administration, Congress and the central bank.