PRESIDENT PICKS KEVIN WARSH FOR FED CHAIR

The following information was released by the Credit Union National Association (CUNA):

Former Federal Reserve Governor Kevin Warsh is President Donald Trump's nominee to succeed Jerome Powell as Chair of the Federal Reserve. The announcement took place Friday morning as Chair Powell's term as Chair is set to end in May.

"America's Credit Unions congratulates Kevin Warsh on his nomination to lead the Federal Reserve. Mr. Warsh's previous experience serving on the Fed Board of Governors and economic advisory roles makes him well equipped to drive the central bank's monetary policy," said America's Credit Unions President/CEO Scott Simpson. "At a time when American families and policymakers are focused on affordability, this announcement reinforces the importance of stability and confidence in our economic system. We look forward to learning more about Mr. Warsh's priorities as he moves through the confirmation process. America's Credit Unions has a strong relationship with the Federal Reserve to ensure credit unions and their 145 million members are represented in these important conversations."

Once formally nominated, Warsh must be confirmed by the Senate. He previously served as a Federal Reserve governor from 2006 to 2011, and was the youngest governor appointed in history at age 35. Warsh is currently a fellow at the Hoover Institution and a lecturer at the Stanford Graduate School of Business.

While Powell's term as chair doesn't end until May, there is some uncertainty as President Trump remains publicly critical of Powell and the Federal Open Market Committee (FOMC) under his leadership.