'Central casting': Trump nominates Federal Reserve veteran to replace outgoing Jerome Powell

President Donald Trump has nominated Kevin Warsh, who served as a Federal Reserve governor from 2006 until 2011, as the new chairman to replace outgoing Jerome Powell, whose term expires in a few months.

Powell has been prominent for his opposition to the president's call for a reduction in interest rates, a move that would significantly boost the nation's housing market.

Trump announced on social media:

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. 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 received his A.B. from Stanford University, and J.D. from Harvard Law School. He has conducted extensive research in the field of Economics and Finance. Kevin issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom. Parliament adopted the Report's recommendations. 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. 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

The Daily Mail called Warsh an "inflation hawk," and said he played "a crucial role in rescuing Wall Street during the financial crisis. He was appointed at age 35, making him the youngest governor in the bank's history."

Powell's term ends May 15.

The Mail revealed, "Powell's tenure has been marked by clashes with Trump over his refusal to cut interest rates. The dispute came to head on January 11 when Powell revealed that he had been subpoenaed by the Justice Department. The typically reserved Fed chair issued an extraordinary statement accusing Trump of weaponizing the DOJ against him over the rate."

However, the issue at hand in the dispute was an investigation into an allegedly mishandled $2.5 billion renovation of the offices used by the Federal Reserve. The DOJ is reviewing whether Powell lied to or misled Congress about the project's costs.

Powell did allow rates to decline by a quarter-point three times last year.

The report claimed Warsh's actions could lead to more "market volatility," and said that could mean more expenses for U.S. households. Trump described Warsh as someone who is "known to everybody in the financial world."