President Donald Trump nominated former Fed Governor Kevin Warsh on Friday, Jan. 30, to be the next Federal Reserve chair, replacing Jerome Powell in the role.
Trump announced the nomination in a Truth Social post on Friday morning, citing Warsh’s extensive experience in the financial industry.
Warsh previously served as a member of the Federal Reserve Board of Governors from 2006 to 2011, according to Federal Reserve History.
Here’s what to know about Trump’s nominee for Federal Reserve chair.
Who did Trump nominate for Federal Reserve chair?
President Donald Trump is nominating Kevin Warsh to be the next Federal Reserve chair, Trump said in the Jan. 30 Truth Social post.
What did Trump say about the nomination?
“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. Kevin currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, and Lecturer at the Stanford Graduate School of Business,” Trump said in the post.
“He is a Partner of Stanley Druckenmiller at Duquesne Family Office LLC. Kevin received his A.B. from Stanford University, and J.D. from Harvard Law School. He has conducted extensive research in the field of Economics and Finance. Kevin issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom. Parliament adopted the Report’s recommendations. Kevin Warsh became the youngest Fed Governor, ever, at 35, and served as a Member of the Board of Governors of the Federal Reserve System from 2006 until 2011, as the Federal Reserve’s Representative to the Group of Twenty (G-20), and as the Board’s Emissary to the Emerging and Advanced Economies in Asia. In addition, he was Administrative Governor, managing and overseeing the Board’s operations, personnel, and financial performance,” the post continued.
“Prior to his appointment to the Board, from 2002 until 2006, Kevin served as Special Assistant to the President for Economic Policy, and Executive Secretary of the White House National Economic Council. Previously, Kevin was a member of the Mergers & Acquisitions Department at Morgan Stanley & Co., in New York, serving as Vice President and Executive Director. 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. Congratulations Kevin! PRESIDENT DONALD J. TRUMP,” the post concluded.
The Senate Banking Committee, which must approve a nominee before it can reach the full Senate for a final vote, is comprised of 13 Republicans and 11 Democrats.
Who is Kevin Warsh?
Born Kevin Maxwell Warsh in Albany, New York, he is a finance executive and former Federal Reserve governor, having served from 2006 to 2011, according to Federal Reserve History.
Warsh is a frequent Fed critic who prefers lower interest rates, yet is also a fiscal moderate who is more cautious about deploying heavy monetary strategies, USA TODAY reported.
Who is the current Federal Reserve chair?
The current Federal Reserve chair is Jerome Powell, Federal Reserve History noted.
Trump for months openly discussed the search to replace Powell. Warsh was among four Fed chair finalists. Others were: Kevin Hassett, director of the National Economic Council; Fed Governor Christopher Waller; and Rick Rieder, senior managing director at the investment firm BlackRock.
Trump nominated Powell as chairman in 2017, at the start of his first term, and he is in his second four-year term after being sworn in in 2022. His term as a governor ends in 2028.
USA TODAY contributed.
Contact Jenna Prestininzi: jprestininzi@freepress.com.
This article originally appeared on Detroit Free Press: Trump nominates new fed chair. Who is Kevin Warsh?
Reporting by Jenna Prestininzi, Detroit Free Press / Detroit Free Press
USA TODAY Network via Reuters Connect
