Kevin Warsh will be the 'steady hand' the Fed needs, GOP lawmaker says

Ajouté : 2026-05-05

[00:00:01]Name one aspect of President Trump's economic agenda with which you disagree.

[00:00:07]I'm asking for something disagree with Donald Trump on confirm the Federal Reserve should stay in it. Just one just one little place where you disagree with Donald Trump.

[00:00:18]>> Well, I do have a a disagreement actually, Senator, with the president. I think even this morning he said that he thought I was out of central casting.

[00:00:27]Um, I think central casting I'd look older, grayer, and maybe show up here with a cigar of sorts.

[00:00:33]>> Quite adorable.

[00:00:35]>> I must commend you on the way you can circularly go around questions and not answer them. It's It's a skill.

[00:00:41]>> Are you going to be the president's human sock puppet?

[00:00:44]>> Uh, Senator, absolutely not.

[00:00:46]>> Are you going to be anybody's human sock puppet?

[00:00:48]>> Uh, no.

[00:00:49]>> I'm a little bit curious as to why you even want to do this.

[00:00:53]>> I think I don't know. I think I I don't know. The president never asked me to commit to interest rate cuts at any particular meeting over the period of my uh tenure at the Fed. He didn't ask for it. He didn't demand it. He didn't require it and nor would I have ever done so.

[00:01:09]>> So, if these reporters come back and say to do another followup on this and they confirm what they heard, what will your response be?

[00:01:16]>> Well, my response would be what I suggested you a few moments ago. Um, as I read that story in real time, I remember thinking they either need better journalistic standards or better sources.

[00:01:26]>> I'm going to ruin the suspenser, everybody. You're going to be confirmed.

[00:01:29]You're going to be the Federal Reserve Chairman. And most importantly, you're going to do an incredible job. Kevin W, President Trump's pick to replace Federal Reserve Chairman Jerome Powell, taking the fire today from Democrats.

[00:01:41]Worsh did manage to lay out some of the problems that he wants to address as the chief of the Fed. Watch. after co when prices went up to the tune of 25 to 35% for virtually all deciles of the American people. That's an indication that the Fed missed its mark and we are still dealing with the legacy of the policy errors in 2021 and 2022. Um once you let inflation take hold in the economy, it's more expensive and harder to bring it down. And so the fatal policy error going back four or five years is still a legacy that we're dealing with. We need, in my judgment, fundamental policy reforms to fix it.

[00:02:27]Let's welcome to the show from Senate Budget, Kansas Senator Roger Marshall.

[00:02:32]So the Fed did make a lot of terrible decisions made by bad forecasting. Is Kevin Worsh the person who can fix this mistake? And did he prove himself today?

[00:02:43]>> Yeah, David, great to be with you. I thought Kevin I thought Kevin was very poised. He was very confident. I think he's going to be the steady hand that we need and we need a breath of fresh air out here. Somebody with a little bit more confidence and and a positive reputation. Uh I think he's going to do a great job. He's a little bit of an inflation hawk and that's going to be fine. You got to get got the president wants us to really work on lowering rates and I do too, but we can't let it inflation back in the game either as well. So, I think he's going to be a steady hand that President Trump and Wall Street thinks is knows what he's doing.

[00:03:16]>> Now, of course, the mistakes the Fed has made weren't just because of bad Fed shares. The bloated staff of 300 economists were behind a lot of those decisions. Does the Fed need to be downsized as Kevin Walsh thinks?

[00:03:31]>> Yeah, I I I would be okay with that as well. I come back from a little bit of of a banking background. And I think we need to try to return more power back to those local community banks uh whenever possible. And then the the Feds need to stay focused on their job, which is to to figure out the interest rates, keep create price stability, and look at the jobs market. Sometimes they make it really overly too complicated. You know, I'm I'm a simple country doctor. I'm not an economist, but certainly when I saw Joe Biden go from spending5 trillion to 7 trillion overnight up here, started doing more quantitative easing, printing dollars, guess what? That inflation was not going to go away soon. And it doesn't take a PhD from Harvard to understand that.

[00:04:13]>> No, it's common sense. We all knew what was going on. Uh except for the people in power who seem to be okay with it all. Meanwhile, the the sniping Democrats weren't so much interested in the real fundamentals of Fed policy.

[00:04:26]They were calling out Worsh's investments, which are are sizable.

[00:04:30]They're valued between 131 million and 209 million. He says he's going to sell off those assets. Listen, >> will you at least disclose how you plan to disclose and devest these secret assets? I have come to full agreement with them and have agreed to divest all of those assets especially those that question before I take the oath of office >> and that is will you disclose how you devest those assets >> you have an agreement that within 90 days you will uh dispose of all your assets all your assets >> I'm happy to be sitting after the the divevestature and cash or tea bills or whatever is the permitted asset so we can get back to the business of fixing the Fed, reforming an institution that has lost its way.

[00:05:22]>> Now, Senator, there is a huge irony here, which is that Democrats seem very concerned about Kevin Worsh's ethics, even though he said he's going to devest, yet they won't ban their own stock trading. They won't stop their own salaries when they cause government shutdowns.

[00:05:39]The irony is so thick you could cut it with a knife. What do you make of that?

[00:05:44]Well, hypocrisy of all the things I can't stand is a is a hypocrite, right?

[00:05:48]Um I I think very simple solution.

[00:05:51]People that are connected to the federal government should not be doing day trades. It's that simple. Very h happy to uh to do some type of an index fund or whatever we need to do to make it right.

[00:06:01]>> All right, Senator Marshall, great to see you. Thank you so much.