Trump Moves To Install Kevin Warsh At Helm Of Federal Reserve / Fresh Today / CUToday.info

WASHINGTON — President Donald Trump said he will nominate former Federal Reserve Governor Kevin Warsh to succeed Jerome Powell as chair of the central bank, elevating a longtime GOP economic figure to lead an institution Trump has repeatedly criticized for not cutting interest rates, POLITICO reported.

Warsh, 55, is currently a visiting fellow at Stanford University’s Hoover Institution and is a former Morgan Stanley investment banker who previously advised President George W. Bush. He has remained a prominent voice in Republican economic policy circles and has been considered for senior roles in Trump’s orbit since the president’s first term, POLITICO said.

“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Trump wrote in a social media post Friday. “On top of everything else, he is ‘central casting,’ and he will never let you down,” according to POLITICO.

Other contenders for the Fed chairmanship included BlackRock executive Rick Rieder, longtime Trump adviser Kevin Hassett, and current Fed Governor Christopher Waller. Treasury Secretary Scott Bessent, who led the vetting process, was also considered before withdrawing from contention, POLITICO reported.

Powell’s term as chair expires in May.

CU Trade Groups Respond

America’s Credit Unions congratulated Warsh.

“Mr. Warsh’s previous experience serving on the Fed Board of Governors and economic advisory roles makes him well equipped to drive the central bank’s monetary policy,” stated America’s Credit Unions’ President/CEO Scott Simpson. “At a time when American families and policymakers are focused on affordability, this announcement reinforces the importance of stability and confidence in our economic system. We look forward to learning more about Mr. Warsh’s priorities as he moves through the confirmation process. America’s Credit Unions has a strong relationship with the Federal Reserve to ensure credit unions and their 145 million members are represented in these important conversations.”

The Defense Credit Union Council also applauded Trump’s nomination.

“Mr. Warsh brings significant experience from his prior service on the Federal Reserve Board of Governors and a deep background in financial markets and monetary policy, and we look forward to engaging with him and his team as he advances through the confirmation process,” stated DCUC Chief Advocacy Officer Jason Stverak. “America’s defense credit unions and the 40 million military, veteran, and family members they serve depend on a stable, transparent, and effective central banking system that supports responsible credit access, financial readiness, and resilient markets. As we have recently articulated in our advocacy — including on real-time payments, interchange fee standards, emergency liquidity access, and broader financial inclusion — credit unions benefit when regulatory frameworks are clear, balanced, and tailored to the unique mission-driven institutions that serve servicemembers and communities nationwide.  

Stverak noted that DCUC has raised concerns in the past about proposals that could inadvertently undermine consumer protections, weaken access to affordable financial services, or impede credit unions’ abilities to support critical member needs.

“Those priorities remain at the forefront of our engagement with federal regulators, including the Federal Reserve,” he said. “DCUC stands ready to work constructively with Mr. Warsh on issues facing our member credit unions — from ensuring Fed-led payment systems like FedNow remain accessible, secure, and cost-effective for institutions of all sizes, to supporting responsible oversight of payment network rules that impact interchange and fraud protection, to championing a transparent Fed that upholds independence while fostering conditions that support economic opportunity and military financial readiness.  

“Credit unions are integral partners in the nation’s financial system, particularly for those who serve or have served our country,” continued Stverak. “As Mr. Warsh’s nomination progresses, DCUC looks forward to engaging with the Fed Chair nominee, congressional leaders, and fellow stakeholders to advocate for policies that strengthen the financial well-being of military and veteran families and ensure robust, stable markets for all Americans.”