President Donald Trump confirmed his decision to nominate Kevin Warsh as the new chairman of the Federal Reserve in a post shared on his Truth Social account Friday (January 30) morning.
“I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,” Trump wrote, listing Warsh’s accolades.
“On top of everything else, he is ‘central casting,’ and he will never let you down. Congratulations Kevin!” he added.
Trump, 79, reportedly called Warsh, 55, to offer him the job on Thursday (January 29) after a final meeting, selecting him over BlackRock executive Rick Reider, National Economic Council Director Kevin Hassett and current Fed governor Christopher Waller, the New York Post‘s Charles Gasparino reported. Warsh served on the Federal Reserve’s Board of Governors from 2006 to 2011 and was a former Morgan Stanley executive director, gaining a reputation as a Wall Street whisperer to then-Fed Chair Ben Bernanke during the 2008 financial crisis.
Warsh later joined Stanford University’s Hoover Institution as a visiting fellow and lectured at the college’s Graduate School of Business. Warsh will replace current Federal Reserve Chairman Jerome Powell, who is set to conclude his tenure in May.
The U.S. Department of Justice served the Federal Reserve with grand jury subpoenas threatening a criminal indictment against Powell related to his testimony before the Senate Banking Committee last June, the chairman announced earlier this month. Powell is a Republican who initially nominated by Trump during his first presidential administration and re-nominated by former President Joe Biden in 2021.