Trump expected to name Kevin Warsh as next Federal Reserve chair

United States (U.S.) President Donald Trump has announced that he will be naming the new chair of the Federal Reserve on Friday.

According to the New York Times, President Trump is expected to select Kevin M. Warsh as the replacement for current Federal Reserves Chair Jerome Powell, whose term is set to end in May 2026.

The U.S. president told reporters that he would be selecting someone known to the entire financial world, adding, “A lot of people think that this is somebody that could have been there a few years ago.”

Warsh was previously the frontrunner for the top finance job during Trump’s first term; however, he later chose Powell, who later became a frequent target of the president’s criticism for not giving in to his demands to cut the interest rates.

Trump has persistently demanded the Fed to cut interest rates, currently standing between 3.5 percent to 3.75 percent, to lower borrowing costs.

He has repeatedly said he would select a Fed chair willing to cut interest rates. Trump believes that the U.S. should be paying the lowest interest in the world, setting the rate at 1 percent.

Powell once again became a target of Trump after the Fed decided on Wednesday to hold the steady rates. Trump said, “This moron continues to cost America hundreds of billions of dollars a year in interest expenses.”

Who is Kevin M. Warsh?

Warsh is a 56-year-old American financier and bank executive. He has served as Federal Reserve governor from 2006 and 2011 under President George W. Bush’s administration.

The report is based on sources and media reports. No name is final until the U.S. president makes an official announcement.

Other frontrunners for the job include Director of the White House’s National Economic Council Kevin A. Hasset, Fed governor Christopher J. Waller, and a BlackRock top executive Rick Rieder.