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Sen. Tim Scott, R-S.C., joins ‘Mornings with Maria’ to discuss delays in Kevin Warsh\u2019s Federal Reserve confirmation hearing, Jerome Powell\u2019s future, and the fight to pass the CLARITY Act.<\/p>\n
Kevin Warsh would enter the world\u2019s most powerful central bank with a fortune of at least $131 million, according to financial disclosures released Tuesday \u2013 an amount that would make him the wealthiest chair in the Federal Reserve\u2019s history.<\/p>\n
The U.S. Office of Government Ethics released his nearly 70-page financial disclosures, part of the standard vetting process for senior government nominees.\u00a0<\/p>\n
The filings also show that Warsh’s wife, Jane Lauder \u2013 an heiress to the global beauty company Est\u00e9e Lauder and a businesswoman \u2013 holds millions of dollars in additional assets, further adding to the family\u2019s overall wealth.<\/p>\n
His potential ascent comes at a turbulent moment for the central bank.<\/p>\n
The Federal Reserve is facing mounting pressure on multiple fronts, including a Justice Department criminal probe involving Chair Jerome Powell, a Supreme Court case weighing limits on the Fed\u2019s independence, and persistent cost-of-living concerns testing President Donald Trump\u2019s economic agenda.<\/p>\n
WHAT TRUMP\u2019S NEXT PICK TO LEAD THE FEDERAL RESERVE MEANS FOR YOUR WALLET<\/p>\n
President Donald Trump in January nominated Kevin Warsh as the next chairman of the Federal Reserve. (Tierney L. Cross\/Bloomberg via Getty Images)<\/p>\n
Adding to the uncertainty, Sen. Thom Tillis, R-N.C., is holding up Warsh\u2019s nomination amid bipartisan concerns tied to the probe involving Powell.<\/p>\n
Even so, lawmakers are preparing to move forward with the confirmation process.<\/p>\n
Sen. Tim Scott, R-S.C., said Tuesday that a confirmation hearing is scheduled for next week.<\/p>\n
“It\u2019ll be a two-step process,” Scott said on FOX Business Network’s “Mornings with Maria.” “Next week, we\u2019ll have a hearing with Kevin Warsh. We\u2019ll talk through the economy, price stability and inflation, and the independence of the Fed. And then the second step later on, we\u2019ll have a vote.”<\/p>\n
Scott added that he expects broad Republican support for Warsh, noting the nominee previously advanced through the Senate by unanimous consent.<\/p>\n
TRUMP\u2019S NEWEST VOICE AT THE FED HAS ADVICE FOR KEVIN WARSH BEFORE HE TAKES THE HELM<\/p>\n
However, Sen. Thom Tillis, R-N.C., has emerged as a key holdout.<\/p>\n
Tillis has previously vowed to block any Federal Reserve nominee until the Trump administration concludes its criminal probe involving Powell. As a member of the Senate Banking Committee, his opposition carries significant weight. Overriding it would require a discharge vote on the Senate floor \u2013 an extraordinary step requiring 60 votes and widely seen as a long shot.<\/p>\n
Sen. Thom Tillis speaks to members of the media on Capitol Hill on March 10, 2026. (Alex Kent\/Bloomberg via Getty Images)<\/p>\n
Last month, Tillis met with Warsh on Capitol Hill. Ahead of the meeting, Tillis told Fox News Digital that he supports Warsh \u2013 whom Trump tapped in January \u2013 but wants the Powell investigation resolved before backing the nomination.<\/p>\n
“I have very few questions. I’m a real fan of [Warsh], and I’m hoping we can get disposition of the Powell investigation, so I’d be in a position to vote for him,” Tillis told Fox News Digital.<\/p>\n
Powell confirmed the DOJ investigation in a Jan. 11 video statement, calling the move “unprecedented” and describing it as another example of what he said were Trump\u2019s ongoing threats against the central bank.\u00a0<\/p>\n
FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATION<\/p>\n
Federal Reserve Chairman Jerome Powell confirmed the central bank had been served by the Justice Department in connection with allegations related to congressional testimony on the renovation of the bank\u2019s headquarters. (Credit: Federal Reserve)<\/p>\n
His decision to respond so publicly \u2013 after days of private consultation with advisors \u2013 marked a sharp departure from his typically measured approach during his eight-year tenure leading the Fed.<\/p>\n
Powell, widely viewed as one of the most crisis-tested Federal Reserve chairs in modern U.S. history, built his career as a lawyer and investment banker in New York before entering public service in the administration of President George H.W. Bush.\u00a0<\/p>\n
He joined the Federal Reserve’s Board of Governors in 2012 and was nominated by Trump to lead the central bank in 2017.<\/p>\n
Like Powell, Warsh is not an economist by training. Instead, he brings a background in law and finance that has shaped his views on the Federal Reserve.<\/p>\n
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Kevin Warsh, former governor of the Federal Reserve, has been nominated to lead the central bank. (David Paul Morris\/Bloomberg via Getty Images)<\/p>\n
He earned a bachelor\u2019s 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 35, became the youngest person to serve on the Fed\u2019s board in 2006.<\/p>\n
Though he stepped down in 2011, he was widely recognized as the Fed\u2019s key liaison to Wall Street during the 2008 financial crisis. He previously worked in the Bush administration as a special assistant to the president for economic policy and executive secretary at the National Economic Council.<\/p>\n
Warsh was among Trump’s leading candidates to replace Federal Reserve Chair Janet Yellen in 2017. However, Trump ultimately nominated Powell to the role.<\/p>\n
#Trumps #Fed #pick #reports #131M #fortune #confirmation #fight #takes #shape<\/p>\n","protected":false},"excerpt":{"rendered":"
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