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United States President Donald Trump on Friday nominated former Federal Reserve governor Kevin Warsh to serve as the next chair of the U.S. central bank, calling him “one of the GREAT Fed Chairmen, maybe the best.”
“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 his Truth Social platform.
Trump’s decision concludes a closely watched search to replace current Federal Reserve Chair Jerome Powell, whose term ends in May. The president has repeatedly criticized Powell for not cutting interest rates more aggressively.
“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,” Trump wrote, adding that Warsh would “never let you down.”
Warsh’s nomination must be confirmed by the U.S. Senate, where he is expected to face scrutiny from lawmakers in both parties over his views on monetary policy and central bank independence.
The announcement ends a race that had narrowed to four candidates: Warsh; current Fed Governor Christopher Waller; BlackRock executive Rick Rieder; and Trump’s top economic adviser Kevin Hassett.
If confirmed, Warsh would take office at a time of heightened political pressure on the independent central bank, raising concerns among economists and investors about the Fed’s insulation from politics.
Warsh, a New York native, served as a Federal Reserve governor from 2006 to 2011 and previously worked as a mergers and acquisitions banker at Morgan Stanley. During Trump’s first term, he was considered for the Fed chair position but was ultimately passed over in favor of Powell.
In recent months, Warsh has become more outspoken in his criticism of the Fed and has echoed several policy positions advanced by the Trump administration, including calls for lower interest rates.
Trump has continued to urge the Fed to cut rates to support economic growth, while tariffs imposed over the past year have fueled concerns about persistent inflation even as labor market conditions show signs of cooling.
The nomination comes amid broader tensions between the White House and the central bank. Trump has sought to remove Fed Governor Lisa Cook over allegations of mortgage fraud, triggering a legal dispute that could test the limits of presidential authority over Fed officials. The administration has also opened an investigation into renovations at the Fed’s headquarters, a move Powell has warned threatens the bank’s independence.
The next Fed chair will be expected to reassure markets that the institution remains committed to its dual mandate of price stability and maximum employment, independent of political influence, at a time when monetary policy decisions have become increasingly fraught.
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