Sources close to the process say that preparations are already underway for an announcement at the White House
President Donald Trump will announce this Friday his intention to nominate Kevin Warsh as chairman of the Federal Reserve, according to two sources involved in the process.
Trump, who has been considering the decision for several months and narrowed the list of candidates to four in recent weeks, told reporters on Thursday that he had finalized his choice and would make the formal announcement this Friday.
“I think I’m going to announce a big choice tomorrow,” Trump said upon arrival at the premiere of First Lady Melania Trump’s documentary, without revealing the name of his choice.
Kevin Warsh met with Trump at the White House on Thursday, according to a source close to the discussions, and administration officials have been preparing ever since for the former Fed governor to be Trump’s nominee.
CNN attempted to reach the White House and Kevin Warsh for a request for comment, but did not receive a timely response.
Trump refused to publicly reveal the name of his choice and government officials stressed that nothing is defined until it is announced directly by Trump. Several officials mentioned that the American president changed his opinion about who the best candidate would be several times throughout the process.
But Trump seemed resolute on Thursday night. Sources close to the process say that preparations are already underway for an announcement at the White House.
“It will be someone very respected, someone known by everyone in the financial world”, revealed Trump. “And I think it will be a great choice.”
Kevin Warsh, National Economic Council Director Kevin Hassett, BlackRock executive Rick Rieder and Fed Governor Christopher Waller were the final four candidates under consideration. Trump held in-person interviews with each of the four final candidates as the final step in a process that ended earlier this month.
Kevin Warsh was already mentioned by Trump as one of his main candidates for the position and met with him in December for his formal interview. The meeting was viewed positively by Trump’s advisers, and the president told those close to him that he thought Warsh had done well. According to a source close to the discussions, Trump stressed that Kevin Warsh “has the ideal profile”.
Kevin Warsh served as a member of the Fed Board of Governors for five years after being appointed by President George W. Bush. Warsh considered for key economic roles during Trump’s first and second terms and was even considered for Treasury secretary before Trump nominated Scott Bessent.
Warsh was considered by Trump in 2017 for the presidency of the Fed, a position that ended up being occupied by Jerome Powell.
“A lot of people think he could have held this position a few years ago,” Trump told reporters on Thursday night.
The American president quickly fell out with Jerome Powell in his first term and attacked and criticized him relentlessly throughout the first year of his second term.
