United States President Donald Trump has officially nominated Kevin M. Warsh as the next Chair of the Federal Reserve. The move follows Trump’s earlier hint that his choice would be well known across global financial markets.
Kevin Warsh will replace current Federal Reserve Chair Jerome Powell, whose term is set to expire in May 2026. Trump said the new chair is someone who, in his view, should have held the role years ago.
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Announcing the decision, Trump wrote, “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 added, "Kevin currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and Lecturer at the Stanford Graduate School of Business. He is a Partner of Stanley Druckenmiller at Duquesne Family Office LLC."
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Warsh was seen as a leading candidate during Trump’s first term, but Jerome Powell was appointed instead. Since then, relations between Trump and Powell have remained tense.
Powell has repeatedly resisted Trump’s calls for interest rate cuts. In contrast, Warsh supports lowering rates, which currently stand between 3.5 percent and 3.75 percent.
Kevin Warsh is not new to the Federal Reserve. He previously served as a member of the Board of Governors from 2006 to 2011 under President George W. Bush.
