ICYMI: Chairman Scott Previews Fed Chair Nomination Hearing, Calls for an Independent Federal Reserve Focused on the American Dream on CNBC’s Squawk Box

ICYMI: Chairman Scott Previews Fed Chair Nomination Hearing, Calls for an Independent Federal Reserve Focused on the American Dream on CNBC's Squawk Box

Washington, D.C. - Today, ahead of the Senate Banking, Housing, and Urban Affairs Committee's confirmation hearing for Kevin Warsh to serve as Chair of the Federal Reserve, Committee Chairman Tim Scott (R-S.C.) joined CNBC's Squawk Box to discuss President Trump's decision to nominate Warsh and the opportunity to restore confidence in America's economy. Chairman Scott emphasized Warsh's experience navigating financial crises, his readiness to lead on day one, and the need for a Federal Reserve focused on price stability, economic growth, and opportunity for working families.

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

On today's confirmation hearing for Kevin Warsh:

"This is a good decision by President Trump to choose Kevin Warsh. Kevin Warsh is a guy who's battle-tested. He's ready for the job, and frankly, we are more likely to see more Americans experiencing their version of the American Dream because Kevin Warsh will be chairing the Fed."

On restoring the Federal Reserve's focus:

"It's time for the Fed to get back to independence…We want to prioritize every single kitchen table in America [by] having a Fed chair that keeps them [the Fed] straight and direct."

On helping Americans buy homes and start businesses:

"[We should] be talking about an interest-rate environment that is conducive for homeownership, starting a small business, and making sure that the average person in this country has more money in the economy and less money parked on the sidelines."

On Kevin Warsh's experience and resilience:

"He was there during the [financial] crisis…so the good news about Kevin Warsh is he is ready for the task, number one. Number two, President Trump chose him because he's an amazing individual who's had private sector and public sector experience."

On collaboration while preserving Fed independence:

"While we want the Fed to be independent, we also recognize that there has to be collaboration between the administration, Congress, and the Fed. The independence is in making sure they do their job as it relates to the dual mandate. The collaboration is making sure that we all do our jobs on behalf of the American people."

On long-term economic strength:

"We have to keep the main thing the main thing, which is the long-term health and viability of our economy. Short-term rates do matter, but that long view is what brings mortgage rates down; the long view helps us have confidence in the economy, which allows for more entrepreneurs to go forward."

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