Trump nominates former Federal Reserve governor Kevin Warsh as next Fed chairman after Powell
"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," President Trump said.
Former US Federal Reserve official Kevin Warsh
President Trump on Friday announced that he is nominating former Federal Reserve governor Kevin Warsh as the next Fed chairman, after Jerome Powell's term ends in May.
"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," Trump posted on Truth Social. "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. He is a Partner of Stanley Druckenmiller at Duquesne Family Office LLC."
"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," Trump later added. "In addition, he was Administrative Governor, managing and overseeing the Board's operations, personnel, and financial performance.
"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."
Trump nominated Powell to lead the Fed in 2017, but has relentlessly assailed him this year for not cutting interest rates quickly enough, The Associated Press reported.
Warsh has long been someone who typically supports higher interest rates to control inflation. Meanwhile, Trump has said the Fed’s rate should be as low as 1%, far below its current level of about 3.6%. However, more recently, in speeches and opinion columns, Warsh has said he supports lower rates.
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