Sen. Tim Scott, Rs.C., said he will speed up the process to ensure that Trump wins, while insisting that the next seat should stay political and focus more on the grassroots, increasing income and sustainability.
Special – Senate Banking Chairman Tim Scott, Rs.C., told FOX Business he would throw a “fast track to the party” after the President Donald Trump It was told to 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 nomination before a nominee is elected to the Senate.
“We need a The seat of the Fed “Who is putting 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 way to run the Fed. And when Trump came to office, he had a different approach.
“We want someone who is raising God who is raising the White House, someone who is focused on the priorities of the American people, and that means lowering prices, making the most important money and strengthening the most important values that we have an artificial chair that says the job is done.”
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With Jerome Powell on the way out, Trump is short on new contenders to lead the Federal Reserve as he pushes for rapid rate cuts amid inflation. (Andrew Caballero-Reynolds/AFP/Getty Images)
Chairman Jerome Powell is on his way out after a tough fight President Trump At the end of Trump’s first term and throughout his second term. The President has been allowed to lower interest rates, which Powell and the Board of Governors have done twice Since the beginning of the year after the opening of inflation.
Trump has been critical of that chair, referring to him as a “too late” Jerome Powell for what the President sees as a lag in lowering interest rates.
Powell was first nominated by Trump In 2018 and re-appointed by President Bidn in 2022.
National Economic Council Director Kevin Hassett is one of the candidates to replace Powell. (Kevin Dietsch/Getty Images/Getty Images)
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Federal Reserve Banks serve 4 year old names with no name restrictions. William McChesney Martin Jr. He remains the longest-serving chair after 18 years and ten months of service, taking over from Harry Truman to Richard Nixon.
Last week, the wife’s financial secretary Scott Besslent He interviewed five candidates for the role and presented a short list to President Trump.
As for Trump’s choice, the director of the National Economic Council Kevin Hassett, the Federal Reserve Board Governor Christopher Waller and the Governor of the Export Board ex-warsh Kevin Warsh were attracted as the top choices.
Treasury Secretary Scott Scott gave President Trump a short list of potential candidates for the Fed chair. (Saul Loeb/AFP via Getty Images/Getty Images)
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This page The Fed operates with a dual mandate to increase employment and stabilize prices. The Fed’s main tool to fulfill its dual mandate is to control short-term interest rates.
This page Federal Funds target rateie the interest rates banks charge for overnight loans, you can aim for 3.75% to 4.00%. Overnight rate changes lead to almost every interest rate in the country, including car loans, mortgage rates, credit card rates, etc.
