Trump Taps Kevin Warsh as Next Federal Reserve Chair

If confirmed by the Senate, Warsh will succeed Jerome Powell, whose term as Fed chair expires in May. Powell had faced repeated pressure from the White House to cut interest rates, which he resisted in defense of the Fed’s independence.

Trump originally nominated Powell during his first term, while former President Joe Biden later reappointed him for a second term.

Experienced Fed Insider

Warsh previously served as a member of the Federal Reserve’s Board of Governors from 2006 to 2011 after being appointed by President George W. Bush. His tenure included the 2008 global financial crisis, giving him direct experience managing one of the most severe economic downturns in modern history.

During that period, Warsh also represented the Fed at G-20 meetings, working closely with major global central banks such as the European Central Bank, the Bank of Japan and the Bank of England.

Wall Street and Administrative Background

Beyond monetary policy, Warsh oversaw several administrative functions at the Fed, including operations, staffing and financial management. Prior to joining the central bank, he worked at Morgan Stanley in mergers and acquisitions and advised companies across manufacturing and technology sectors.

At his 2006 confirmation hearing, Warsh said his Wall Street background would help improve the Fed’s decision-making and public communication.

Shortlist and Selection

Warsh emerged from a shortlist that included BlackRock executive Rick Rieder, current Fed governor Christopher Waller and National Economic Council director Kevin Hassett.

Trump said Warsh’s experience and leadership qualities made him uniquely suited to guide the central bank through future economic challenges.