Jerome Powell’s term as Federal Reserve Chair is up in just three-and-a-half months. President Trump has not been shy about his recent displeasure with the man he nominated for the role eight years ago. Between a sharp difference of opinion regarding interest rates and issues regarding cost overruns for renovations at the Fed’s headquarters, there’s little on which the two seem to see eye-to-eye.
On Friday, Trump announced his pick to replace Powell when his term expires on May 15: Former Fed Governor Kevin Warsh.
“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,” Trump wrote on Truth Social. “On top of everything else, he is ‘central casting,’ and he will never let you down. Congratulations Kevin!”
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Like Powell, Warsh is not an economist by training. Instead, he brings a background in law and finance that has shaped his views on the Federal Reserve.
He earned a bachelor’s degree in public policy from Stanford University in 1992 and a law degree from Harvard in 1995. He built his career at Morgan Stanley and, at 35, became the youngest person to serve on the Fed’s board in 2006.
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As noted above, Warsh’s background includes work in finance, government, and academia; he holds a law degree and previously was a key liaison between the Fed and financial markets during the 2008 crisis. Markets, policymakers, and lawmakers are watching the nomination closely, as it reflects Trump’s influence on monetary policy and could signal a shift in the Fed’s approach to interest rates under new leadership.
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