President Trump announced Friday in a post that he “nominates” Kevin Warsh, a former Federal Reserve governor, for Federal Reserve chair, replacing Jerome Powell.
President Trump posted on his Truth Social, saying: “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,” Trump said in a statement released Friday.
The current Fed has faced criticism from Trump and his allies over inflation, interest rates, and what they argue has been excessive intervention in financial markets. Warsh, who previously served on the Fed’s Board of Governors from 2006 to 2011, is widely viewed as more skeptical of aggressive stimulus and prolonged low interest rates.
Warsh joined the Federal Reserve during the George W. Bush administration and played a central role during the 2008 financial crisis, working closely with then–Fed Chair Ben Bernanke and Treasury officials as the government scrambled to stabilize the banking system. While he supported emergency measures at the height of the crisis, Warsh later became a vocal critic of the Fed’s expanded balance sheet and its reliance on unconventional monetary tools.
In recent years, Warsh has argued that loose monetary policy contributed to surging inflation and asset bubbles, a position that aligns closely with Trump’s long-standing attacks on the central bank. Trump has repeatedly accused the Fed of mismanaging inflation and undermining economic growth through what he describes as politically motivated decision-making.
The nomination will require Senate confirmation, where it is expected to face close examination.
Trump’s decision also revives a familiar name. Warsh was previously floated as a potential Fed chair during Trump’s first term but was ultimately passed over.