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Chairman Scott Delivers Opening Remarks at the Hearing on Kevin Warsh's Nomination as Federal Reserve Chair, April 21, 2026

April 21, 2026 · U.S. Senate Banking Committee GOP · 0:06:56

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What happened

Senate Banking Committee Chairman Tim Scott opened the April 21, 2026, hearing on Kevin Warsh’s nomination to be chairman of the Federal Reserve by framing the nomination, as he stated it, as a kitchen-table question about confidence in institutions, according to the committee broadcast of his opening remarks. Scott said, as he stated the figures, that compared with the average tax return under President Biden, the average return was up 24 percent, that the average return in the last year was around $3,400 — an 11 percent increase — and that nearly half of returns filed in 2026 claimed deductions for tipped income, overtime earnings, seniors, or auto loan interest under what he called the Working Families Tax Cut bill, putting, as he stated it, about $300 more per month in Americans’ hands.

Scott argued, as he stated it, that in recent years the Federal Reserve had moved with the political winds — citing climate-focused initiatives he said were reversed when President Trump took office — undermining confidence in its independence. He said, as he stated it, that the committee would examine Warsh’s plans to lead the institution at a critical moment, focused on everyday Americans rather than politicians, with the goal of lower costs and real relief for working families.

Why it matters

The opening remarks are the committee majority’s framing document for the Warsh nomination: the affordability case for confirming him and the charge that the Fed strayed into politics, stated by the chairman who ran the hearing.

Scoreboard watch

Scott’s stated tax figures at the April 21, 2026 hearing — an average return around $3,400, up 11 percent in the last year and 24 percent versus the Biden-era average, as he stated them — are dated, checkable claims flagged for the scoreboard editor. No verdict is published from this page.

Sources: U.S. Senate Banking Committee GOP, “Chairman Tim Scott’s Opening Remarks at a Hearing to Consider Kevin Warsh’s Nomination as Fed Chair”, 2026-04-21 (official upload, embedded above; published 2026-04-21). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.