WASHINGTON, Jan 30 (KUNA) -- US President Donald Trump has officially nominated Kevin Warsh to replace Jerome Powell, as the chairman of Board of Governors of the Federal Reserve System, after the conclusion of Powell's term in May.
"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," President Trump wrote on his Truth Social platform on Friday.
"On top of everything else, he is "central casting," and he will never let you down." The President underscored Warsh's extensive credentials as the basis for his selection.
"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 stated.
"He is a Partner of Stanley Druckenmiller at Duquesne Family Office LLC. Kevin received his A.B. from Stanford University, and J.D. from Harvard Law School." He pointed out that Warsh became the youngest Fed Governor, ever, at 35, and served as a Member of the Board of Governors of the Federal Reserve System from 2006 until 2011, as the Federal Reserve's Representative to the Group of Twenty (G-20), and as the Board's Emissary to the Emerging and Advanced Economies in Asia.
"In addition, he was Administrative Governor, managing and overseeing the Board's operations, personnel, and financial performance. Prior to his appointment to the Board, from 2002 until 2006, Kevin served as Special Assistant to the President for Economic Policy, and Executive Secretary of the White House National Economic Council," he added.
Previously, Warsh was a member of the Mergers and Acquisitions Department at Morgan Stanley and Co., in New York, serving as Vice President and Executive Director.
The nomination coincides with a period of significant institutional friction for the Federal Reserve.
The central bank is currently navigating a Justice Department criminal probe into Powell, Supreme Court deliberations regarding the scope of the Fed's independence, and the persistent challenge of living costs-a critical litmus test for the Trump administration's economic agenda.
If confirmed by the Senate, Warsh will ascend to one of the most consequential roles in global finance, wielding primary influence over US monetary policy, interest rate trajectories, and the ongoing mandate to curb inflation. (end) rsr.ibi