US President Donald Trump announced yesterday his nomination of former member of Federal Reserve, Kevin Warsh to head the US central bank. Trump's announcement ends the search for a successor to current Federal Reserve Chairman Jerome Powell, whom the president has repeatedly criticized for what he considers a slow pace of interest rate cuts.
"I have known Kevin for a long time, and I have no doubt that he will be one of the greatest Fed Chairs, and perhaps the best ever," Trump wrote on his Truth Social platform, adding, "Above all, he is the right person, and he will never let you down."
With Warsh's selection, the president concludes a race that narrowed down to four candidates: Kevin Warsh, Federal Reserve Governor Christopher Waller, Rick Rieder of BlackRock, and Kevin Hassett, Trump's chief economic advisor.
If the nomination is confirmed by the US Senate, Warsh will assume his duties at a time of escalating pressure from the Trump administration on the central bank, raising growing concerns about its independence and prompting experts to warn of potential repercussions for the world's largest economy.
Warsh, a New Yorker, has recently intensified his criticism of the Federal Reserve, expressing support for several of Trump's political positions. He previously worked as a mergers and acquisitions banker at Morgan Stanley.
During his first presidential term, Trump considered Warsh to succeed Janet Yellen as head of the Federal Reserve before ultimately settling on Jerome Powell.