President Trump announced early Friday that he is nominating former Federal Reserve Board member Kevin Warsh to serve as the next chairman of the Federal Reserve.
“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,” Trump wrote on Truth Social.
“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,” the president added later in the post. “On top of everything else, he is ‘central casting,’ and he will never let you down. Congratulations Kevin!”
In a separate post, Trump addressed speculation that National Economic Council Director Kevin Hassett was under consideration for the role. While praising Hassett as someone who would have been “great,” Trump said he ultimately decided to keep him at the White House, noting that Hassett “is doing such an outstanding job working with me and my team … that I just didn’t want to let him go.”
Warsh, a former Morgan Stanley banker and economic adviser to President George W. Bush, has long been viewed as a leading contender for top economic roles in Republican administrations. He served on the Federal Reserve Board from 2006 to 2011, becoming the youngest governor in the central bank’s history. During the 2007–08 financial crisis, Warsh played a key role as the Fed’s primary liaison to Wall Street.
A familiar name in Trump-world economic policy circles, Warsh was a finalist for the Fed chairmanship in 2017 but ultimately lost out to current Chair Jerome Powell. If confirmed by the Senate, Warsh would replace Powell, whose term expires in May.
Despite Warsh’s credentials, the nomination is likely to face resistance in the Senate. Republican Sens. Thom Tillis of North Carolina and Lisa Murkowski of Alaska have said they will oppose any Fed chair nominee while the Justice Department continues a criminal probe involving the central bank and Powell.
Tillis, who serves on the Senate Banking Committee, could also use his position to slow or block the confirmation process, as committee approval is a necessary step before a full Senate vote.
With Senate Democrats expected to oppose Warsh, the support of Tillis and Murkowski could prove decisive. Democrats have also expressed outrage over Trump’s effort to remove Fed Board member Lisa Cook, whose legal challenge to the president’s action was heard by the Supreme Court last week.
