A letter of the Rebbe Rayatz on the importance of studying Tanach:
To the directorship of the Yeshiva Tomchei Temimim, it is very painful that even the LD students do not have any knowledge in Scripture, and majority of them do not even know Chumash with Rashi. They have no comprehension of the Nevi’im or Kesuvim. To see this strange phenomenon for yourself, all you have to do is have one of the members of the staff ask the students to translate a certain verse in Scripture or describe a certain event in the prophets. It is a shame for a yeshiva student to not know Tanach with the meaning of the words. The Chassidim, even the mediocre ones, were experts in Tanach and they had a set Seder to study it each day after studying their lesson of Mishnayos after the morning prayers. They would do their daily study of Tanakh while they were folding their Tallis and tefillin in a way that they would finish the entire Tanach in a three-month span.
 Igros Kodesh 6:151