In a major development, United States President Donald Trump has announced that National Economic Council Director Kevin Warsh will become the designated successor for Federal Reserve Chairman Jerome Powell, whose term ends in May.
Trump took to his social media account truth social to make the big announcement and said, “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.”
This decision puts an end to months of public speculation and high-stakes interviews with a shortlist of finalists that included former Fed Governor Kevin Warsh, BlackRock executive Rick Rieder and Christopher Waller.
Who Is Kevin Warsh?
Kevin Warsh, a former US Federal Reserve governor, has emerged as the latest chair of the Federal Reserve to succeed Jerome Powell. US President Donald Trump has named Warsh as his nominee on Friday.
Warsh served on the Fed’s Board of Governors from 2006 to 2011, a period that spanned the global financial crisis. In recent months, he has aligned closely with Trump’s views, publicly arguing in favour of lower interest rates. He had also advised Trump on economic policy and was a finalist during the 2017 Fed chair search that ultimately led to Powell’s appointment.
Warsh’s candidacy has gained momentum even as other names remain in contention, including Fed Governor Christopher Waller, a vocal advocate of rate cuts, and BlackRock CIO Rick Rieder, who was earlier seen as a front-runner. White House economic adviser Kevin Hassett is now considered unlikely after Trump indicated he prefers to retain him in his current role.
The new Fed chair was serving as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, and Lecturer at the Stanford Graduate School of Business. He is also a Partner of Stanley Druckenmiller at Duquesne Family Office LLC. Warsh completed his A.B. from Stanford University, and J.D. from Harvard Law School.
The former Fed governor also issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom.
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