Trump nominates Kevin Warsh for Fed Reserve chair

President Donald Trump has nominated Kevin Warsh as the next chair of the Federal Reserve, putting a former Fed governor and Wall Street veteran at the helm of an institution the president has repeatedly attacked for not cutting interest rates more aggressively to spur growth. Warsh will take over from Federal Reserve Chair Jerome Powell, whose term as chair ends in May. The role requires Senate confirmation.  Trump announced the nomination in a post on his social media platform, Truth Social, that he is nominating Kevin Warsh to serve as Chairman of the Board of Governors of the Federal Reserve System. In his post, Trump backed Warsh, saying he believes Warsh would go down as one of the great Fed chairmen.
The announcement comes days after the Federal Reserve voted to hold interest rates steady, with Chair Jerome Powell defending the importance of the central bank’s independence. Trump has repeatedly criticised Powell for not cutting interest rates quickly enough. Trump has castigated Powell for months, calling him a “numbskull,” a “moron” and a “jerk” for not lowering interest rates more quickly. His administration also launched a criminal investigation of Powell and the Fed earlier this month, which led Powell to issue an extraordinary rebuke of Trump’s efforts to politicize the independent central bank.
Previously a Fed governor from 2006 to 2011, Warsh was the youngest in the institution’s history at 35 and served as a key Wall Street liaison during the financial crisis. He also served as an economic adviser to President George W. Bush. He is a partner at the family office of investor Stanley Druckenmiller.