ICYMI: Chairman Scott Previews Kevin Warsh Hearing, Emphasizes Fed Independence, and U.S. Leadership in Digital Assets on Fox Business

ICYMI: Chairman Scott Previews Kevin Warsh Hearing, Emphasizes Fed Independence, and U.S. Leadership in Digital Assets on Fox Business

Washington, D.C. - Today Senator Tim Scott (R-S.C.), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, joined Fox Business' Mornings with Maria to discuss the path forward for confirming Kevin Warsh as the next Federal Reserve Chair, restoring the Fed's independence, and advancing policies to expand access to credit for working families and small businesses. Chairman Scott previewed an upcoming Committee hearing with Warsh next week and expressed confidence that the nomination process will move forward.

Chairman Scott also highlighted the importance of embracing innovation in financial markets, including digital assets, to ensure the United States remains the dominant economy in the world.

Click here or on the image above to watch the full interview.

On the path forward for Kevin Warsh's nomination:

"Next week, we'll have a hearing with Kevin Warsh being present. We'll talk through the economy, we'll talk through price stability and inflation, and we'll talk about the independence of the Fed. And then the second step, later on we'll have a vote on Kevin Warsh."

On restoring the Federal Reserve's independence:

"The American people deserve a Fed focused on them, not on politics, as it has been under Jay Powell."

On expanding access to credit and supporting economic growth:

"Small business owners and first-time homebuyers need access to credit. The only way to have that is not to have it on the sidelines, but to put it to work for the American people, and that's one of the focuses I am looking forward to being restored."

On stablecoins and protecting the broader financial system:

"We have not seen any savings accounts leak into stablecoins. We actually saw an increase in the number of dollars put into savings accounts since the third quarter of last year.

"We have not seen the leakage that people talked about, but what we will see is America remaining the dominant economy on the planet."

On strengthening U.S. leadership in digital assets:

"We have to embrace not only the digital asset conversation, we have to embrace the future of finance in the world and requires us to have a conversation about the future being here in America first. We need to be the most dominant economy in the world. It requires us the have a serious conversation about crypto firms being domiciled here, founders creating the next big thing in America, and we're going to get that done."

• Print
• Email
• Tweet