Senator Kevin Cramer, RN.D., joins ‘Mornings with Maria’ to discuss President Donald Trump’s support for Kevin Warsh for Fed chairman, pressure on Jerome Powell, and the CLARITY Act timeline.
FIRST ON FOX: Senate Banking Committee Chairman Tim Scott, R-SC, said he expects Federal Reserve Chairman candidate Kevin Warsh to successfully pass the Senate confirmation process, despite opposition from Democrats in the upper chamber.
Warsh was nominated by President Donald Trump in January to chair the Federal Reserve Board of Governors to replace outgoing Chairman Jerome Powell.
“I think Kevin is a very good person and very strong,” Scott told Fox News Digital during the call. “I’ve known Kevin for several years now. He’s one of my favorites in the economic world. I think he’s going to do a great job tomorrow. In fact, every Democrat and every Republican on the committee should support him.”
Warsh will appear before Scott’s subcommittee on Tuesday for a hearing where Scott said Democrats are likely to focus on Warsh’s financial disclosures, delaying the hearing.
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Senate Banking Chairman Tim Scott applauded Trump’s picks for the Federal Reserve Board of Governors. (Daniel Heuer/Bloomberg via Getty Images/Getty Images)
“With the Democrats, I think you’re going to see a lot of hand-wringing over disclosures that is not like hand-wringing about economic knowledge and intelligence or understanding the delicate nature of our economy,” Scott told Fox News Digital.
“On our side, I think you’re going to see near-unanimous support for the nominee. Obviously we all know at least one person who wants to wait until the DOJ investigates before we vote, but the truth is that even Tom Tillis supports Kevin Warsh,” Scott said.
Judge Jeanine Pirro, Trump’s nominee to lead the US Attorney’s Office for the District of Columbia, authorized an investigation into Fed Chairman Jerome Powell last November.
The dispute between Trump and Powell centered on political tensions over interest rates and the leadership of the Fed, with Trump’s allies criticizing Powell’s decisions and supporting Kevin Warsh as a successor. (Getty Images / Getty Images)
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The investigation was based on the $2.5 billion Fed headquarters restructuring plan, with some investigators accusing Powell of lying before the Scott committee in June 2025.
Powell responded to the Trump administration’s legal actions, saying the move was political and in response to Powell’s reluctance to lower interest rates.
“This new threat is not about my testimony last June or about renovations to the Federal Reserve,” Powell said in a statement. “It’s not about the oversight role of Congress; the Fed, through testimony and other public disclosures, has made every effort to keep Congress informed about the stimulus project.”
Scott argued that Warsh would better maintain the Federal Reserve’s independence and avoid political involvement than Powell. (Eric Draper/Fox News)
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When asked about the differences between Powell and Warsh regarding the independence of the Fed, Scott said that Powell did not remove politics from his program when he led the central bank of America.
“I think Powell didn’t know the definition of transitory, and I think Kevin Warsh would,” explained Scott. “I would say that the truth of the matter is that Kevin understands the importance of Fed independence, and Powell did not.”
“For example, we saw Powell weigh less than Biden in matters that were more political [it] it should have been left to Congress to put in place a climate agenda,” Scott continued.
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President Donald Trump’s campaign to install Kevin Warsh as Fed chairman is being boosted by Senate Banking Chairman Tim Scott, who is lining up strong GOP support ahead of key confirmation hearings. (Justin Sullivan/Getty Images/Getty Images)
“I don’t think you’ll see that under Kevin Warsh,” Scott said. “I think he will keep his eye on the most important thing, which is money and not the weather.”
Warsh, 56, joined the Federal Reserve Board in 2006 at just 35 years old, one of the youngest governors in the history of the US central bank.
The Albany, New York native graduated from Stanford in 1992, and graduated cum laude with a Juris Doctor from Harvard Law School in 1995.
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He worked in mergers and acquisitions at Morgan Stanley, then served in the White House as Special Assistant to the President for Economic Policy and Executive Secretary of the National Economic Council under President George W. Bush.
Scott praised Warsh’s economic expertise and predicted strong Republican support, while anticipating Democratic scrutiny over the disclosure. (DMV Productions / Fox News)
After his hearing on Tuesday morning, the Senate will vote on his advancement to the full Senate, where he only needs a narrow vote to be confirmed in the role.
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Powell’s term ends on May 15, so Warsh is likely to take over as Fed Chair on that date.
“Every Democrat and every Republican on the committee should support him, [but I] don’t think that’s going to happen,” Scott added. “Democrats are now afraid to support President Trump, even if it’s in the best interest of the country, which is very unfortunate.”
