Tim Scott pushes accelerated Fed chair confirmation after Trump pick

Exclusive – Senate Banking Committee Chairman Tim Scott told FOX Business he will push for a “fast track to completion” after Pres. Donald Trump He told reporters on Sunday that the president knows who he will choose to lead the Federal Reserve.

The Senate Banking Committee is responsible for reviewing and voting to approve the president’s pick before the nominee goes to the full Senate for confirmation.

“We need to Fed chair “Who puts the priorities of the American people above politics,” Scott told Fox Business. “We saw with Jay Powell that with the Biden administration in office, he had one approach to running the Fed. And when Trump took office, he had a different approach.”

“We want someone who doesn’t know who’s who in the White House, someone who is focused on the priorities of the American people, and that means lowering interest rates, making affordability a priority and stabilizing rates so important that we have a Fed chairman who gets the job done.”

The Supreme Court keeps the Fed’s Lisa Cook in her role for now and agrees to review the case

Current Federal Reserve Chairman Jerome Powell is on his way out after sparring with him President Trump At the end of Trump’s first term and throughout his second term. The president has been vocal about lowering interest rates, which Powell and his Board of Governors have done twice Since the beginning of the year after inflation subsided.

Trump criticized the Fed chairman, referring to him as “too late” Jerome Powell for what the president sees as a delay in cutting interest rates.

Powell was first appointed by Trump in 2018 and reappointed by President Biden in 2022.

National Economic Council Director Kevin Hassett is one of the potential candidates to replace Powell. (Kevin Deitch/Getty Images/Getty Images)

Besant rules out the role of Fed chairman, and explains what attracted the Saudis to the $1 trillion investment deal

Fed chairs serve 4-year terms with no term limits. William McChesney Martin Jr. remains the longest-serving Fed chairman after 18 years and 10 months of service, spanning from Harry Truman to Richard Nixon.

Last week the Treasury Secretary Scott Besant He interviewed five candidates for the role and presented a shortlist to President Trump.

As for Trump’s choice, National Economic Council Director Kevin Hassett, Federal Reserve Governor Christopher Waller, and former Federal Reserve Governor Kevin Warsh are rumored to be the top choices.

Treasury Secretary Scott Bescent gave President Trump a short list of potential candidates to head the Federal Reserve. (Saul Loeb/AFP via Getty Images/Getty Images)

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the The Fed operates on the basis of a dual mandate To maximize employment and stabilize prices. The Fed’s main tool to fulfill its dual mandate is to control short-term interest rates.

the Federal funds target ratewhich is the interest rate that banks charge each other for overnight reserve loans, and its target range is 3.75% to 4.00%. An overnight interest rate change changes almost every interest rate in the country, including car loans, mortgage rates, credit card rates, etc.