Sen. Tim Scott, RS.C., joins ‘Mornings with Maria’ to discuss the delay in Kevin Warsh’s Federal Reserve confirmation hearing, the future of Jerome Powell, and the fight to pass the CLARITY Act.
Kevin Warsh will join the world’s most powerful bank with a net worth of at least $131 million, according to financials released Tuesday — an amount that would make him the richest chairman in Federal Reserve history.
The US Office of Government Ethics has released its 70-page financial disclosure, which is part of the standard vetting process for top government appointees.
The documents also show that Warsh’s wife, Jane Lauder – an heiress to the global beauty company Estée Lauder and a businesswoman – owns millions of dollars in other assets, adding to the family’s overall wealth.
He may move up to the bank in a turbulent time.
The Federal Reserve is facing increasing pressure on a number of fronts, including the Justice Department’s criminal investigation into Chairman Jerome Powell, a Supreme Court case that is weighing limits Independence of the Fedand ongoing cost-of-living concerns are scrutinizing President Donald Trump’s economic agenda.
WHICH OF THE FOLLOWING IS TRUMP’S PICK TO LEAD THE FEDERAL RESERVE YOUR WALLET EXPLANATORY STATEMENT
President Donald Trump in January nominated Kevin Warsh as the next chairman of the Federal Reserve. (Tierney L. Cross/Bloomberg via Getty Images)
Adding to the uncertainty, Sen. Thom Tillis, RN.C., held Warsh’s position amid the collective concerns surrounding the investigation involving Powell.
Still, lawmakers are preparing to move forward with the confirmation process.
Sen. Tim Scott, RS.C., said Tuesday that a confirmation hearing is scheduled for next week.
“It’s going to be a two-step process,” Scott said on FOX Business Network’s “Mornings with Maria.” “Next week, we’re going to have a hearing with Kevin Warsh. We’re going to talk about the economy, price stability and inflation, and Fed independence. And then step two later, we’ll have a vote.”
Scott added that he expects broad Republican support for Warsh, noting that the nominee advanced to the Senate with improbable approval.
TRUMP’S NEW VOICE AT THE FED HAS ADVICE FROM KEVIN WARSH BEFORE HE TAKES THE NUMBER.
However, Sen. Thom Tillis, RN.C., has emerged as a key contributor.
Tillis previously vowed to block any Federal Reserve nominee until the Trump administration completes its criminal investigation into Powell. As a member of the Senate Banking Committee, his objections carry considerable weight. Overriding it would require a vote on the Senate floor — a rare move that requires 60 votes and is widely seen as a long shot.
Sen. Thom Tillis speaks to members of the media on Capitol Hill on March 10, 2026. (Alex Kent/Bloomberg via Getty Images)
Last month, Tillis met with Warsh on Capitol Hill. Before the meeting, Tillis told Fox News Digital that she supports Warsh — whom Trump contacted in January — but wants the Powell investigation resolved before supporting the nomination.
“I have very few questions. I’m a real fan [Warsh]and I’m hoping that we can get the issue of the Powell investigation, so I’ll be in a position to vote for him,” Tillis told Fox News Digital.
Powell confirmed the DOJ’s investigation in a January 11 video statement, calling the move “unprecedented” and describing it as another example of what he said are Trump’s continued threats against the central bank.
FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION BY HQ CORRECTION
The Chairman of the Federal Reserve, Jerome Powell, confirmed that the central bank has been served by the Department of Justice regarding the allegations related to the testimony of the congress about the renovation of the bank’s headquarters. (Credit: Federal Reserve)
His decision to respond so publicly — after days of private consultations with advisers — marked a sharp departure from his usual approach during his eight years at the Fed’s helm.
Powell, widely regarded as one of the most tested Federal Reserve chairs in modern US history, built his career as a lawyer and investment banker in New York before entering public service in the administration of President George HW Bush.
He joined the Federal Reserve’s Board of Governors in 2012 and was nominated by Trump to lead the central bank in 2017.
Like Powell, Warsh is not an economist by training. Instead, he brings a legal and financial background that has shaped his views on the Federal Reserve.
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Kevin Warsh, the former governor of the Federal Reserve, has been appointed to lead the central bank. (David Paul Morris/Bloomberg via Getty Images)
He received a bachelor’s degree in public policy from Stanford University in 1992 and a law degree from Harvard in 1995. He built his career at Morgan Stanley and, at age 35, became the youngest person to serve on the Fed’s board in 2006.
Although he stepped down in 2011, he is widely recognized as a key liaison between the Fed and Wall Street during the 2008 financial crisis. He previously worked in the Bush administration as special assistant to the president for economic policy and executive secretary at the National Economic Council.
Warsh was one of Trump’s nominees for Federal Reserve Chairman Janet Yellen in 2017. However, Trump ultimately nominated Powell for the role.
