Sen. Tim Scott on Wednesday said he hopes the federal investigation into Federal Reserve Chair Jerome Powell “goes away” so the Senate can take up the nomination of Kevin Warsh, President Donald Trump’s pick to replace the head of the U.S. central bank.
“That proceeding going away allows for us to get the Fed fully functioning, back on target,” Scott, who chairs the Senate Banking, Housing and Urban Affairs Committee, said during an appearance on CNBC’s “Squawk Box.”
Sen. Thom Tillis, R-N.C., has vowed to hold up any Fed nominees until a federal criminal investigation into Powell is resolved. Trump floated the idea of firing Powell last year and lashed out at the Fed chair for refusing to cut interest rates to the extent he desired. Powell has denied any wrongdoing and has said he is being targeted for refusing to accede to Trump’s demands.
Powell was expected to testify before Congress on Feb. 11, but missed that date because of the federal probe, Scott said.
“I had a conversation with Jay about his testimony,” Scott said. “I recommended that he come before the committee.”
