Trump Nominates Kevin Warsh as Federal Reserve Chair
President Donald Trump announced Friday that he is nominating Kevin Warsh to be the next chair of the Federal Reserve Board, a move that could signal a shift in monetary policy. Trump made the announcement on his Truth Social platform, stating he has "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," according to ABC News. Warsh is set to succeed Jerome Powell, whose term expires in May 2026.
Warsh, 55, served as a Federal Reserve governor from 2006 to 2011, a period that included the 2008 financial crisis, according to CBS News. He was appointed to the Fed's board by former President George W. Bush. During that time, he served as a top adviser to then-Fed chairman Ben Bernanke, acting as a liaison between the central bank and Wall Street, ABC News reported.
Trump's decision comes after he had grown increasingly critical of Powell during his second term, regularly disparaging the Fed chief and pressing him to lower interest rates, CBS News noted. Warsh's nomination suggests a potential change in direction for the central bank's policies.
In recent years, Warsh has worked with billionaire investor Stanley Druckenmiller and held academic positions, including at the Hoover Institution, CBS News reported. His experience includes navigating the complexities of the 2008 financial crisis, which could prove valuable as the Fed faces current economic challenges.
The nomination of Warsh will now go to the Senate for confirmation. If confirmed, he will helm a Federal Reserve that has been navigating a complex economic landscape, CBS News noted. Trump expressed confidence in Warsh's abilities, stating, "He will never let you down," according to ABC News.
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