President Donald Trump said Friday he will nominate Kevin Warsh to serve as chair of the Federal Reserve, announcing the pick in two posts on Truth Social.
In his posts, President Trump praised Kevin Warsh, who he believes has a great opportunity to become a standout Fed chief, and discussed his credentials in government, finance, and academics. He said that Warsh is a Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, a lecturer in economics at Stanford’s Graduate School of Business, and a partner at Stanley Druckenmiller’s Duquesne Family Office.
He also commented on speculation about Kevin Hassett possibly becoming Fed Chair, stating that he chose to retain Hassett in the White House due to his outstanding performance. He said that he believes Hassett “would have been” an outstanding Fed Chair, but he didn’t want to lose him in his current position.
Warsh also used to serve in the Federal Reserve Board of Governors between 2006 and 2011. This also includes the experience during the 2008 financial crisis, based on Federal Reserve records. Trump emphasized that Warsh had been appointed at a young age of 35. Trump also stated that Warsh had been the youngest Fed governor. Warsh had also served in the G-20 as a Fed representative. Additionally, Warsh had served as an emissary to Asia economies.
Before joining the Fed, Warsh had served in the White House as a special assistant to the president in economic policies. Warsh had also served as an executive secretary of the National Economic Council. Before that, Warsh had served in Morgan Stanley’s mergers and acquisitions unit.
If confirmed, Warsh will lead the central bank at a time when Fed interest rate policies continue to attract significant attention. The nomination will go through a Senate process. The timing of a change in Fed leadership will depend on the confirmation process and Fed leaders’ terms.
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