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Kevin Warsh’s confirmation hearing to become the next leader of the Federal Reserve came to a momentary halt on Tuesday morning when Sen. Tim Scott (R-SC) let Sen. Elizabeth Warren (D-MA) know he was running the show, not her.
“Here’s what we’re not gonna do — we’re not gonna have two chairmen. For sure,” Scott told his Democratic colleague. Scott is the chairman of the Senate Banking Committee, which Warsh is testifying in front of.
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“Fair enough,” Warren said. “Just asking…”
The testy exchange came after Scott asked Sen. Jack Reed (D-RI) to speak — only for Warren to butt in. She then started squabbling with Scott over Warsh, claiming he has not met the requirements to become the next Fed chair.
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“Mr. Chairman, before we start the next question, I ask that we have entered into the record the U.S. Office of government ethics certification, which requires that all nominees disclose all of their assets and showing that Mr. Warsh is out of compliance and that, um, uh, he has not met the ethics requirement,” Warren protested.
“Without objection,” Scott said. “I will note, however, that what has clearly been articulated is that he will — according to his agreement with OGE — do what many others have done as well: Within 90 days, be not only in compliance but divest himself from any assets in question.”
They then mixed it up a bit more.
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“I don’t think we’ve had other nominees who are out of compliance and not disclosing at the time they come before of the hearing,” Warren said.
“Not on this committee, that’s correct,” Scott affirmed flatly.
“Not on this committee,” Warren reinforced.
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That’s when Scott threw up his hands, paused the hearing, and rebuked his colleague from Massachusetts.
Scott continued laying down the law from there:
Number two, [what] we’re also not going to do is debate what we’re putting into the record. And finally, what we are going to do is have a conversation about America’s economy. And frankly, we all deserve the opportunity to ask our questions — we don’t get to figure out the answers, but we do get to ask our questions.
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And I hope that we are able to continue in that direction as long as we are. We’re going to have a very good hearing, and if we’re not, then I will find a way to help us expedite getting back on track.
Sen. Reed was then given his time on the microphone. Scott and Warren were then seen saying something to each other that was not picked up by the mics and nodding their heads; they seemed to put the little spat behind them.
Warsh is in Washington, D.C. as he looks to succeed Jerome Powell as the next boss of the Fed. President Donald Trump nominated Warsh, after the president branded Powell “Too Late” and bashed him for years for not moving fast enough to lower rates, in his view.
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The post ‘We’re Not Gonna Have Two Chairmen’: Tim Scott Rebukes Elizabeth Warren During Heated Hearing Feud first appeared on Mediaite.
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