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President Donald Trump has nominated former Fed Governor Kevin Warsh as his choice to replace Jerome Powell as Chairman of the Federal Reserve.
If confirmed by the Senate, Warsh would assume one of the most powerful positions in U.S. economic policymaking, with direct influence over interest rate decisions and the central bank’s battle against inflation.
Trump has called on the Fed to cut rates, which he says could save the nation "hundreds of billions of dollars."
Powell held the benchmark rate at 4.25% to 4.5% as the Fed took a wait-and-see approach to assess the impact of the president's sweeping tariffs. While the central bank has since lowered rates, Trump’s attacks on Powell, whom he nominated in 2017, have increasingly taken on a personal tone, including the use of nicknames.
Warsh has remained a consistent critic of Fed leadership, sharpening his attacks as he emerged as a contender to replace Powell. Warsh, a former Morgan Stanley banker, became the youngest person to serve on the Fed board in 2006.
Powell's term ends later this year.