Kevin Warsh Fed hearing live updates: Confirmation hearing Tuesday AM

Chairman Tim Scott, R-S.C., is expected to kick off the proceedings with remarks centered on how the Fed’s decisions impact everyday Americans’ finances.

He’s also expected to emphasize the importance of maintaining the central bank’s independence, allowing it to concentrate on its dual mission of creating price stability and full employment in the U.S.

Scott will be followed by remarks from ranking member Elizabeth Warren, D-Mass., who has recently raised questions about aspects of Warsh’s sprawling financial disclosures.

Warsh will then deliver his own opening remarks, which may deviate from the prepared statement obtained by CNBC on Monday.

Each of the Banking Committee’s remaining 22 members — 12 Republicans and 10 Democrats — will get five minutes to question Warsh.

— Kevin Breuninger and Emily Wilkins