11AM Hour: Fed Chairman Kevin Warsh Testifies 7/14/26

**SPEAKER_1** (0:00)
The board recommends approving...

**Warren Davidson** (0:01)
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**SPEAKER_3** (0:04)
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**SPEAKER_4** (1:00)
The gentleman from New York, the ranking member of the House Foreign Affairs Committee, Mr. Meeks, you're recognized for five minutes.

**Gregory Meeks** (1:05)
Thank you, Mr. Chairman. And congratulations, Mr. Chairman. Thank you. Let me just jump into this, because in your testimony, you talked about the Federal Reserve's, and I quote, rightful independence in the conduct of monetary policy, which is good.
Now, as the Chairman Hill has indicated, I also do some foreign affairs work, and I'm very concerned about what's taking place in the state of Hamos in rising cost of gas, because we know that when those prices up, go up at the pump, it gives higher transportation and energy cost, and they work their way through the economy, generally making groceries higher in household goods, et cetera. So, it depends upon handling it. Mike, if the administration's handling of the conflict with Iran contributes to another inflationary shock, will you make the decision you believe is in the best interest of the American people and the American economy in that rightful independent stance?

**Kevin Warsh** (2:07)
Congressman, that is always our commitment to make the best decision we can consistent with the remit and our understanding of the world. And as I said to the Chairman of the Outsout, we'll deliver price stability.

**Gregory Meeks** (2:18)
So, and that's, you know, still based upon what we've seen from the President thus far. I just want to be clear, make sure that, because I got to be clear on this, that if the President publicly pressures you to pursue a different course than the one you believe is in the economic, that you believe the economic data supports, will you follow the President's wishes or follow the data?

**Kevin Warsh** (2:43)
My commitment to you is to follow the law and follow the data, follow our very best judgment.

**Gregory Meeks** (2:49)
And that's even if he publicly criticizes you for doing it. If you decide this is the way to go, this is where the data shades, and he publicly criticizes you and tells you how disappointed he's in you and all of that, will you still do what the data tells you to do?

**Kevin Warsh** (3:09)
I will, Congressman.

**Gregory Meeks** (3:10)
You're ready for that?

**Kevin Warsh** (3:13)
I'm ready to follow the law, and I'm ready for the Fed to deliver on the expansive remit that you gave us. I'll make only one other note.
We have a wide lens. We're interested in what's happening in the war. We're interested in what's happening in military conflicts around. We have to take that all in, but then we have to shut the door and make our very best decision. That's what we're going to do in a couple of weeks, and that's what we'll do in the remainder of my tenure.

**Gregory Meeks** (3:41)
Thank you. Now, I want you to know that I support innovation, but I also believe that the Federal Reserve has a responsibility to protect the integrity of our payment system from political pressure and short-term enthusiasm.
I believe that the administration has made expanding access to fintech and digital asset firms a clear priority of his, but the Federal Reserve has long evaluated access to its payment infrastructure based on safety and soundness, operational resilience and effective risk management and the stability of the financial system, not politics, not political priorities. So, can you, I should say this also because what I'm concerned about is that there are firms that's connected to our nation's payment infrastructure that must have robust cybersecurity, fraud prevention, compliance, and operational controls because players can undermine public confidence in the financial system and leave consumers exposed to significant harm. So, my question is, can you commit that decisions about access to the Federal Reserve's payment rails will remain grounded solely in the Fed's independent assessment of systemic risk, safety and soundness and not political direction?