July 12, 2023

Scott Statement on President Biden’s Federal Reserve Nominees

Washington, D.C. – Ranking Member Tim Scott (R-S.C.) released the following statement after the U.S. Senate Committee on Banking, Housing, and Urban Affairs held an executive session to vote on three Federal Reserve nominees: Lisa Cook, to serve as Member of the Board of Governors; Adriana Kugler, to serve as Member of the Board of Governors; and Philip Jefferson, to serve as Vice Chairman of the Board of Governors. The Ranking Member supported Jefferson’s nomination and opposed the nominations of Cook and Kugler.

“Presidential nominees should inspire confidence, have a strong respect for the rule of law, and support policies that promote the American dream. I believe only one of the three Federal Reserve nominees before us today fits this mold. The Fed faces a tall order of bringing down inflation, addressing its supervisory failures in the wake of bank collapses, and remaining an independent body focused on its dual mandate despite political pressures to do otherwise. So, if confirmed, I hope these nominees take their roles seriously, as our Federal Reserve Governors must remain apolitical for the good of the economy and country.”