Trump proposed Worsch for chair

In an official statement, US President Donald Trump announced his intention to nominate economist Kevin Warsh as chairman of the Federal Reserve (Fed). According to Trump, Warsh is considered highly competent and has extensive experience in monetary policy.

Kevin Warsh previously served as a member of the Federal Reserve Board of Governors from 2006 to 2011 and is considered the youngest official ever appointed to this position. Additionally, he represented the Federal Reserve within the G-20 group and participated in work related to emerging markets in Asia. Warsh also held the position of advisor in the White House and worked at the financial firm Morgan Stanley.

Trump's initiative is not the first encounter between the two economists. According to the president, Warsh possesses "deep economic knowledge" and "the ability to make quick decisions," which, in his opinion, will play a key role in managing the country's monetary policy. The minimum term of the current Fed chair Jerome Powell is nearing its end, opening the possibility for new personnel changes.

If Warsh is appointed, he will replace Powell, whose term expires in May 2025. As Trump noted, in the role of chairman, he will become the "primary benchmark" for the financial market.

Context

Kevin Warsh previously served as a governor of the Federal Reserve and a member of the Board of Governors, and also held government positions in the White House and at a financial company.