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Sen. Scott Previews Fed Chair Nominee Kevin Warsh's Confirmation Hearing on CNBC

April 21, 2026 · U.S. Senate Banking Committee GOP · 0:09:24

Embedded from the source channel — never re-uploaded. Watch on YouTube

What happened

Senate Banking Committee Chairman Tim Scott joined CNBC’s Squawk Box on the morning of Fed chair nominee Kevin Warsh’s confirmation hearing and called President Trump’s choice, in his words, a good decision. Scott said Warsh is battle-tested and ready for the job, and that Americans are more likely to experience their version of the American dream with Warsh chairing the Fed.

Scott said it is time for the Fed to get back to independence, arguing that under Chair Jay Powell and the Biden administration the central bank prioritized climate conversations, whereas a chair should keep every American kitchen table in mind. He predicted Democrats would spend the hearing talking about Warsh’s personal balance sheet and politics instead of the Fed’s balance sheet and an interest-rate environment conducive to home ownership and small business formation.

Asked about the Justice Department probe into Fed construction cost overruns and Powell’s testimony, Scott said the committee had discussed its oversight role and described his preferred outcome as a special committee with permanent oversight of construction projects within the Banking Committee’s jurisdiction, working with the House Financial Services Committee, adding that if the evidence led to a criminal referral, so be it. He said he believed Powell was incompetent, not criminal, in his hearing answers.

Why it matters

The interview sets the Republican framing for the Warsh confirmation: a nominee presented as restoring Fed independence and household focus, with the Powell-era construction controversy handled through congressional oversight.

Sources: U.S. Senate Banking Committee GOP, “Chairman Tim Scott Joins CNBC’s Squawk Box to Preview Hearing with Fed Chair Nominee Kevin Warsh”, 2026-04-21 (official upload, embedded above; published 2026-04-21). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.