The president announced early Friday morning that he is nominating former Federal Reserve Board member Kevin Warsh to be the next chairman of the U.S. central bank.
“I am pleased to announce that I am nominating Kevin Warsh for CHAIRMAN OF THE FEDERAL RESERVE SYSTEM,” Trump wrote on the Truth Social platform.
“I’ve known Kevin for a long time and I have no doubt that he will go down in history as one of the GREAT Fed chairmen, perhaps the best,” he later added in his post. “Above all else, it is central casting and will never let you down. Congratulations, Kevin!”
He was the favorite
Wars, a former Morgan Stanley banker and economic adviser to former President George W. Bush, has long been considered one of the favorites for the presidential nomination. He served on the Fed’s Board of Governors from 2006 to 2011, where he became the youngest governor in the central bank’s history and served as the liaison to Wall Street during the 2007-2008 financial crisis.
A consistent contender for top economic posts in Trump administrations, Warsh was also among the finalists for the Fed’s first-choice chair in 2017. The position eventually went to incumbent Jerome Powell, whom Warsh will replace if his nomination is confirmed by the Senate.
Jerome Powell’s term ends in May.
