Kevin Warsh has been nominated by President Donald Trump to become the next chair of the Federal Reserve, replacing Jerome Powell when his term ends in May. Warsh, a former Fed governor and Wall Street executive, is expected to face a difficult confirmation process amid political opposition in Congress.
Trump announced the decision on Truth Social, praising Warsh’s experience and calling him one of the best possible choices for the role. The White House did not immediately provide further comment.
If confirmed, Warsh would take over at a time of heightened tension between the Trump administration and the central bank. Several lawmakers, including Republican Senator Thom Tillis, have said they will oppose any Fed nominee until a Justice Department inquiry into Powell is resolved.
Markets showed little reaction to the announcement, with stock futures and Treasury yields largely unchanged.
Warsh, who previously worked at Morgan Stanley and served as a Fed governor under President George W. Bush, has publicly supported Trump’s push for changes in monetary policy. Trump has said he wants the next Fed chair to consult with him on interest rate decisions, while Powell has stated his goal is to leave the economy in strong shape for his successor.