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President Donald Trump announced Friday that he is nominating former Federal Reserve governor Kevin Warsh to serve as chairman of the Board of Governors of the Federal Reserve System, ending weeks of speculation over who would succeed Chair Jerome Powell when Powell’s term expires 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,” the president wrote on Truth Social, calling Warsh “one of the GREAT Fed Chairmen, maybe the best.”
Warsh, who served on the Fed’s Board of Governors from 2006 to 2011, would take over at a time when President Trump has repeatedly urged the central bank to cut interest rates more aggressively. The Federal Reserve held its benchmark short-term rate steady this week after three consecutive cuts last year, drawing renewed criticism from the president.
During his tenure at the Fed, Warsh worked closely with then-Chair Ben Bernanke through the 2008-2009 financial crisis and represented the central bank at international economic forums, including the Group of Twenty. He later resigned before completing his full term and has since become a prominent critic of the Fed’s structure and policy framework, at times calling for a major overhaul of how the institution sets interest rates.
President Trump highlighted Warsh’s academic and private-sector credentials, noting that he is a Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, a lecturer at Stanford University’s Graduate School of Business, and a partner with Stanley Druckenmiller at Duquesne Family Office LLC. Warsh previously worked in mergers and acquisitions at Morgan Stanley and served in the George W. Bush White House as a top economic policy aide and executive secretary of the National Economic Council.
The nomination now heads to the Senate, where confirmation could face complications. Sen. Thom Tillis, R-N.C., has said he plans to block Federal Reserve nominees until a Justice Department probe involving the central bank is resolved. That investigation centers on Powell’s testimony about costly building renovations, an issue Powell has characterized as being used to pressure the Fed into lowering rates.
Warsh had been widely viewed as a leading contender for the post, along with White House National Economic Council Director Kevin Hassett. Treasury Secretary Scott Bessent oversaw the search process and reportedly presented President Trump with several finalists before the president made his decision.