Who is Kevin Warsh, Trump's pick to replace Fed Chair Jerome Powell?
ABC News
Warsh would replace Fed Chair Jerome Powell, whose term ends in May.
President Donald Trump on Friday chose Kevin Warsh to become the next chair of the Federal Reserve, selecting the former Fed governor for a crucial role atop the central bank that will be vacant in May.
Warsh, who previously worked on Wall Street and in the George W. Bush administration, carries experience in finance and policymaking. He will likely face scrutiny from economists and lawmakers eager for assurance that he will set interest rates based on economic conditions, even if it puts him out of step with Trump's preference for low interest rates.
The announcement follows months of strident criticism leveled by Trump against Fed Chair Jerome Powell. Earlier this month, news surfaced of a federal criminal investigation into Powell.
The probe appears to focus on alleged false testimony to Congress about the cost of a renovation of the Fed's headquarters.
Powell, who was appointed by Trump in 2017, issued an unprecedented video message earlier this month rebuking the probe as a politically motivated effort to influence interest-rate policy.
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