US President Donald Trump announced Kevin Warsh as the new Federal Reserve chair on Friday, January 30.
Warsh will become the 17th chair of the Federal Reserve, taking over the role once Jerome Powell's term officially ends in May.
Trump announced his decision in a statement on his social media account Truth Social, noting, “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, “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. On top of everything else, he is “central casting,” and he will never let you down.”
This comes after months of debate over Fed's policy directions during which Powell faced criticism from Trump for his handling of interest rates.
Who is Kevin Warsh?
Warsh previously served for five years on the Federal Reserve's Board of Governors from 2006 to 2011 at just 35 years old, becoming the youngest person ever to serve on the Federal Reserve's influential board.
He earned a bachelor's degree in public policy with a focus on economics and statistics from Stanford University and then went to Harvard Law School.
In February 2002, Warsh left his job at Morgan Stanley to join President George W.Bush's administration where he worked on economic policy.
He was also a part of the President's Working Group on Financial Markets during that period.
Warsh is currently a visiting fellow at Stanford's Hoover Institution and teaches at Stanford's Graduate School of Business.
