President Trump names Kevin Warsh as his pick to replace Powell as Fed chair
Newsy
President Donald Trump announced early Friday that he intends to nominate Kevin Warsh as the next chair of the Federal Reserve to replace Jerome Powell.
President Donald Trump announced early Friday that he intends to nominate Kevin Warsh as the next chair of the Federal Reserve, replacing Jerome Powell. The nomination follows Trump’s repeated criticism of Powell for not lowering interest rates as much as the president has wanted.
Warsh previously served on the Federal Reserve Board from 2006 to 2011, a tenure that coincided with the most significant U.S. recession in decades.
"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. On top of everything else, he is 'central casting,' and he will never let you down," Trump wrote on Truth Social.
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Despite Trump’s threats to fire Powell, it appears Powell will remain Fed chair through May 2026. He can remain on the board as a governor until 2028. The president’s authority to remove Federal Reserve members has been questioned after federal courts blocked Trump from removing board member Lisa Cook.
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