WASHINGTON, D.C. — President Donald Trump said Friday he will nominate Kevin Warsh to serve as Chairman of the Board of Governors of the Federal Reserve System, selecting a former central bank governor and White House economic adviser to succeed Jerome Powell.
“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 said in a statement.
Trump highlighted Warsh’s current academic and professional positions, noting that he “currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, and Lecturer at the Stanford Graduate School of Business.” Warsh is also a partner of Stanley Druckenmiller at Duquesne Family Office.
The president said Warsh “received his A.B. from Stanford University, and J.D. from Harvard Law School,” adding that he “has conducted extensive research in the field of Economics and Finance.”
Trump also pointed to Warsh’s international policy work, saying he “issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom.” According to Trump, “Parliament adopted the Report’s recommendations.”
Emphasizing Warsh’s prior service at the Federal Reserve, Trump said 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.”
During that period, Warsh held several senior roles, including serving “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,” Trump said. He also described Warsh as having been “Administrative Governor, managing and overseeing the Board’s operations, personnel, and financial performance.”
Before joining the Federal Reserve, Warsh worked in the White House from 2002 until 2006, serving “as Special Assistant to the President for Economic Policy” and as “Executive Secretary of the White House National Economic Council,” Trump said.
Trump also cited Warsh’s private-sector experience, saying he “was a member of the Mergers & Acquisitions Department at Morgan Stanley & Co., in New York,” where he served “as Vice President and Executive Director.”
Offering personal praise, Trump said, “I have known Kevin for a long period of time,” adding that he has “no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best.” Trump also said, “On top of everything else, he is ‘central casting,’ and he will never let you down.”
If confirmed, Warsh would replace Jerome Powell, who has led the Federal Reserve since 2018. Powell was first nominated as Fed chair by Trump during his earlier term and guided U.S. monetary policy through the COVID-19 pandemic and a subsequent surge in inflation, including a period of aggressive interest rate increases that reshaped global financial markets. (Source: IANS)
