Trump officially nominates Kevin Warsh as next Federal Reserve chair

United States President Donald Trump has officially nominated Kevin M. Warsh as the Federal Reserve Chair.

Warsh will succeed the current chair, Jerome Powell, whose term is set to end in May 2026. The announcement comes after the U.S. president hinted yesterday that he would nominate someone known to the entire financial world.

Speaking to the reports on Thursday, Trump said that it would be someone who should have been the chair a few years ago.

Making the announcement, the U.S. president wrote, “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.”

He added, "Kevin currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and Lecturer at the Stanford Graduate School of Business. He is a Partner of Stanley Druckenmiller at Duquesne Family Office LLC." 

Warsh was the front-runner to take the top finance job during Trump's first term; however, Powell was appointed at that time. 

The relationship between the U.S. president and Powell has remained strained since then as Powell has repeatedly ignored Trump's demand to cut interest rates. 

Warsh is also a supporter of interest-rate cuts which currently stands between 3.5 percent and 3.75 percent. 

He has previously served as a member of the board of governors of the Federal Reserve System from 2006 until 2011 in the administration of President George W. Bush.