Watch: Senator McCormick Introduces Kevin Warsh for Federal Reserve Chair Before Senate Banking Committee

"Colleagues, Kevin Warsh has lived the American Dream. I know in my heart he will always fight to keep that dream alive for all Americans. He is the right man for this pivotal moment. I urge you to support his speedy confirmation."

WASHINGTON - U.S. Senator Dave McCormick (R-PA) today introduced his friend, Kevin Warsh, at his nomination hearing before the Senate Banking Committee to chair the Federal Reserve.

Click here to watch the video.

Senator McCormick's remarks below (as prepared):

"Thank you, Chairman Scott, Ranking Member Warren, distinguished colleagues.

"It is my great honor to introduce my friend, Kevin Warsh, and to welcome him and his wife Jane here today.

"Winston Churchill observed that for great leaders there comes 'a special moment when they are figuratively tapped on the shoulder and offered the chance to do a very special thing.'

"'What a tragedy,' he warned, 'if that moment finds them unprepared for that which could have been their finest hour.'

"Colleagues, I am here today to assure you that Kevin Warsh could not be more prepared for this, his finest hour. There is no one more fitting, more qualified to face this consequential moment as the 17th Chair of the Federal Reserve.

"I will not belabor Kevin's academic and professional record. They speak for themselves. Instead, I would like to tell you about a man who my wife Dina and I both worked closely with decades ago and who we have called a friend for almost 30 years.

"President George W. Bush famously appointed Kevin to the Federal Reserve Board in 2006, when Kevin was just 35.

"He was the youngest appointed board member in history. But President Bush saw in Kevin what I believe you will see as you question him today:

"Wisdom that belied his age, now deepened by experience.

"Moral clarity even in the most turbulent of times.

"A sharp and independent intellect, now further strengthened by decades immersed in unforgiving global financial markets.

"And a deep, honest understanding of how the decisions made in the marble halls of Washington affect the lives of hard-working Americans.

"I have seen these virtues on display across our decades of friendship.

"I first met Kevin in the late 1990s when he and my younger brother were junior associates on Wall Street.

"A decade later we served together in the crucible of the global financial crisis, I as Undersecretary of the Treasury for International Affairs at the time. Kevin on the Fed Board.

"For nearly 2 years, we worked hand-in-hand to contain the damage and navigate the country out of the crisis.

"I know then-Chairman Ben Bernanke relied heavily on Kevin during that turbulent time. I did too, and I have continued to seek his counsel regularly in the years since.

"Kevin came to Washington all those years ago as an outsider. An idealistic young man determined to serve his country, who succeeded beyond all expectations.

"He returns today as the ideal candidate for this most critical juncture.

"If confirmed, Kevin will inherit a Federal Reserve in need of repair and confronting serious uncertainty: an overextended balance sheet; a poor record on inflation; and a weak understanding of the profound opportunities offered in today's economy.

"He is uniquely suited to confront these challenges.

"He brings a reformer's heart. He will shake up a stagnant institution at a time when change is sorely needed.

"He possesses a deep understanding of markets and is trusted by leaders across the financial industry.

"But he equally understands the real economy.

"Born and raised in upstate New York, he knows from personal experience how the actions of the Fed can change the lives of working families.

"It is no small thing to know firsthand how an increase in gas prices or mortgage rates or an uptick in unemployment affect everyday Americans. The Federal Reserve must not be ruled by pointy-headed economists pouring over outdated models and reams of market data. It needs a leader who understands that the Fed's mandate of stable prices and maximum employment serves a higher purpose: the preservation of the American Dream.

"Colleagues, Kevin Warsh has lived the American Dream. I know in my heart he will always fight to keep that dream alive for all Americans.

"He is the right man for this pivotal moment. I urge you to support his speedy confirmation."

###