.jpeg)
Donald Trump Nominates Kevin Warsh to Replace Jerome Powell as Fed Chair
US Fed: Donald Trump has announced former Fed official Kevin Warsh as the next chairman of the Federal Reserve. He will replace Jerome Powell in May, subject to Senate approval. Trump has been displeased with Powell's interest rate policy. Warsh previously served on the Fed Board, and his appointment is expected to shift the Fed's policy and independence.
US President Donald Trump announced on Friday that he will nominate former Fed official Kevin Warsh as the next chair of the Federal Reserve. If approved by the Senate, Warsh will replace the current Chair, Jerome Powell, in May. This decision has been viewed as an indication of a significant shift in the US central bank's policy direction, bringing the Fed closer to the White House and compromising its long-held political independence.
Trump nominated Jerome Powell to be the Fed Chair in 2017. However, over the last few years, Trump has continued to express discontent with Powell by claiming that he is not lowering interest rates quickly enough.
55-year-old Kevin Warsh has also served as a member of the Federal Reserve Board. He has also worked at the Fed since 2006 and left in 2011, making him the youngest Fed governor ever when he was appointed at age 35. He currently works as a fellow for the conservative-leaning think tank Hoover Institution and as a lecturer for the Stanford Graduate School of Business.
