Washington, Jan 30 (EFE).- US President Donald Trump on Friday nominated banker and economist Kevin Warsh to succeed Jerome Powell as chair of the Federal Reserve.

The move would place a close Trump ally at the helm of the central bank amid renewed pressure from the White House for faster interest-rate cuts.

“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 on his Truth Social platform.

He highlighted Warsh’s résumé, noting that at age 35 he became the youngest governor in the history of the Fed, serving from 2006 to 2011.

“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. On top of everything else, he is ‘central casting,’ and he will never let you down,” Trump.

Trump also underscored that Warsh served as an economic adviser to President George W. Bush and is currently affiliated with the Hoover Institution, one of the leading conservative think tanks in California.

Warsh, 55, was previously considered by Trump to head the Federal Reserve during his first term, before the president ultimately chose Jerome Powell in 2017.

If confirmed by the Senate, Warsh would take over a Federal Reserve facing growing questions about its independence, as Trump has repeatedly pressed since returning to the White House in January 2025 for faster and more aggressive interest-rate cuts.

In September, Trump appointed Stephen Miran to the Federal Open Market Committee (FOMC), which sets interest rates, and his administration has launched an unprecedented effort to force the removal of another committee member, Lisa Cook.

Trump has sharply criticized Powell in recent months, including ordering an investigation into cost overruns in the renovation of the Federal Reserve’s headquarters, while calling for an acceleration of the rate-cutting cycle that began in September 2024.

Powell took office as Fed chair in February 2018 and was reappointed by President Joe Biden (2021–2025).

During his tenure, he steered the central bank through crises such as the COVID-19 pandemic, a period marked by inflation reaching historic highs.

Warsh, who served as a Fed governor from 2006 to 2011, was known for his cautious stance on inflation, which remains above the Fed’s 2 percent target.

In recent years, however, he has shown greater openness to maintaining lower interest rates than current levels.

During his Senate confirmation hearings, Warsh is expected to face pointed questions about his ability to maintain independence from the White House and to conduct monetary policy in line with the Fed’s mandate to control inflation, support full employment, and promote economic growth. EFE jmr-sk