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Washington, D.C. — Today, ahead of Federal Reserve Chairman Kevin Warsh’s first appearance before the Senate Banking Committee, Chairman Tim Scott (R-S.C.) joined CNBC’s Squawk Box to discuss what he hopes to hear from the new Fed Chair on price stability, employment, and the future of America’s economy. Chairman Scott emphasized the importance of the Federal Reserve’s dual mandate and highlighted the need to address artificial intelligence, data centers, and consumer costs as America competes with China to lead the future.
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On what Chairman Scott would like to hear from Federal Reserve Chairman Warsh:
“The dual mandate of the Fed is really important: price stability and employment. I also think that we have to drill into the artificial intelligence conversation. The real question we should ask is how do we make sure that these data centers pay their own way as it relates to electricity and water use? We have to solve those problems so that our consumers, our constituents can breathe a sigh of relief.”
On ensuring America leads in artificial intelligence:
“When you zoom out, the most important question is who wins the future? Is it China or is it America? Artificial intelligence will thread that needle. I want to make sure that we are on the right side of history and solve the problems at home so that we can win this issue as a country.”
On AI, productivity, and wages:
“Artificial intelligence is going to increase productivity, which will increase wages without seeing a significant drop in employment.”
On augmentation, not automation:
“Augmentation is really important, not automation. Augmentation means that people will do more work with more opportunities and more resources because of artificial intelligence. They won’t lose their jobs.”
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