President Donald Trump has nominated Kevin Warsh for the position of Chairman of the Board of Governors of the Federal Reserve System. Once confirmed, Warsh will take over the office from Jerome Powell. He will be sworn in as the 17th chair of the Federal Reserve after Powell’s term ends in May.
President Trump posted on Truth Social, “I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is “central casting,” and he will never let you down.”
Kevin Warsh to Assume Federal Reserve Position in May
Warsh, a former Morgan Stanley banker and adviser to President George W. Bush, served on the Federal Reserve’s Board of Governors from 2006 to 2011. During this time, he became the youngest governor in the Fed’s history and acted as a key liaison to Wall Street during the 2007-08 financial crisis. He was also a finalist for the Fed chair role during Trump’s first term but ultimately lost to Powell.
The nomination comes as Trump seeks to exert greater influence over the Fed, arguing that the central bank has used its independence to avoid accountability. Warsh has echoed some of those criticisms in the past,
However, his path to confirmation may be difficult. Republican Senators Thom Tillis and Lisa Murkowski have said they would oppose any Fed nominee while the Justice Department probe involving the Fed and Powell is ongoing. Senate Democrats are also expected to resist the nomination, raising concerns about the Fed’s independence under Trump.
