Who is Kevin Warsh, Trump's pick to succeed Jerome Powell as Federal Reserve chair
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President Trump is tapping former Federal Reserve official Kevin Warsh to succeed outgoing Fed Chair Jerome Powell, a change in leadership at the central bank that could also augur a shift in monetary policy. Edited by Alain Sherter In:
President Trump is tapping former Federal Reserve official Kevin Warsh to succeed outgoing Fed Chair Jerome Powell, a change in leadership at the central bank that could also augur a shift in monetary policy.
Powell, who has led the Fed since February 2018 after being nominated for the top role by Mr. Trump during his first term as president, is set to step down in May 2026. In his second term, however, Mr. Trump has grown increasingly critical of Powell, regularly disparaging the Fed chief and pressing him to lower interest rates.
Warsh, 55, served as a Federal Reserve governor — one of seven officials who guide the central bank's policy decisions — from 2006 through 2011, a period that includes the deep recession that followed the 2008 financial crisis.
In recent years, Warsh has grown increasingly critical of the Fed, arguing that the institution has become excessively focused on backward-looking economic data rather than anticipating changes, Deutsche Bank analysts said in a December 15 report.
In a November Wall Street Journal opinion piece, Warsh said the Fed's "bloated balance sheet" has contributed to the economic malaise affecting many Americans, allowing borrowing to be "too easy" for Wall Street while "credit on Main Street is too tight."
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