President Donald Trump announced Friday that former Federal Reserve official Kevin Warsh will replace Jeremy Powell as the next Federal Reserve chairman when Powell’s term expires 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,” the president said in a Truth Social post. “On top of everything else, he is 'central casting,' and he will never let you down.”
Trump nominated Powell to serve as Fed chairman in 2017 but has publicly berated him for years for refusing to aggressively cut interest rates.
The Trump Justice Department issued a subpoena to Powell last month over his testimony in front of the Senate Banking Committee last June.
“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” Powell said in a statement regarding the investigation.
Warsh previously served as a member of the Fed board from 2006 to 2011. He is currently a fellow at the Hoover Institution and a lecturer at the Stanford Graduate School of Business. His nomination will require Senate confirmation.
In a CNBC interview last summer, Warsh called for “regime change” at the Fed.
“The credibility deficit lies with the incumbents that are at the Fed, in my view,” Warsh said.
The administration considered at least eleven people for the position, including Governor Christopher Waller, BlackRock bond chief Rick Rieder, and National Economic Council director Kevin Hassett, according to a Truth Social post from the president.
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