Trump taps Kevin Warsh as next Fed chair

(The Center Square) – Following months of speculation, President Donald Trump has nominated Kevin Warsh to serve as the Chairman of the Board of Governors for the Federal Reserve.

The president made the announcement Friday morning in a Truth Social post, saying he has known him for a "long period," arguing that Warsh "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."

If confirmed, Warsh will replace current Fed chair Jerome Powell when his term ends in May. The current Fed chair was appointed by Trump in 2018, but has since fallen out of favor with the president over his reluctance to lower interest rates, with Trump coining him with the nickname, "Too Late Powell."

Warsh, 55, currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, a lecturer at Stanford University Graduate School of Business, and a partner at Stanley Druckenmiller at Duquesne Family Office LLC, according to a Truth Social post from Trump.

The president added that Warsh received his undergraduate degree in business from Stanford and his law degree from Harvard.

In his post, the president listed several of Warsh's accomplishments as the basis for his decision.

"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," according to the post.

"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," the president added.