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Sen. Tim Scott Discusses Affordability and Kevin Warsh Leading the Federal Reserve on Squawk Box

July 14, 2026 · U.S. Senate Banking Committee GOP · 0:11:54

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

What happened

Senate Banking Committee Chairman Tim Scott joined CNBC’s Squawk Box, in an interview carried by the committee, on the day Fed Chair Kevin Warsh was to face lawmakers, according to the broadcast.

Scott said the proof is in the pudding and asked whether Americans are better off than under President Biden, answering emphatically yes, as he put it. He said Biden dug an economic hole, and that more Americans are receiving about $250 a month more because the One Big Beautiful Bill — the Working Families Tax Cut bill — saved Americans about $5 trillion, translating to about $250 a month, as he stated the figures. He said President Trump closed the border where Biden said more laws were needed, and cited a Federal Reserve report, as he described it, saying illegal immigration spiked housing costs.

Asked what he wanted to hear from Warsh, Scott pointed to the Fed’s dual mandate of price stability and employment, as he described it. He then turned to artificial intelligence, saying parts of South Carolina want to ban data centers and arguing the real question is how to make data centers pay their own way on electricity and water, so America, not China, wins the future, as he put it.

Scott also spoke about the death of his South Carolina colleague Senator Lindsey Graham, saying Secretary of State Marco Rubio called him at 3 a.m. on Sunday with the news, and describing Graham, whom he served with for 13 years, as a close personal friend, as he stated it.

Why it matters

The interview ties the Republican affordability case — tax-cut savings and border enforcement — to Warsh’s Fed, with Scott as the Banking Committee’s public advocate for both.

Scoreboard watch

The figures as stated by Sen. Scott: about $250 a month more for Americans and about $5 trillion saved from the Working Families Tax Cut bill. Flagged for the scoreboard editor; no verdict is published from this page.

Sources: U.S. Senate Banking Committee GOP, “Chairman Tim Scott Discusses Affordability and Kevin Warsh Leading the Federal Reserve on Squawk Box”, 2026-07-14 (official upload, embedded above; published 2026-07-14). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.