President Donald Trump announced Friday morning that he is nominating Kevin Warsh to serve as Chairman of the Board of Governors of the Federal Reserve, setting the stage for a dramatic change in U.S. monetary policy and a direct rebuke of the current Fed leadership.
Trump confirmed the long-anticipated decision following days of speculation, telling reporters Thursday evening that he would reveal his pick the next morning. The announcement came amid rising tensions between the White House and the Federal Reserve over interest rates and economic direction.
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A Veteran of Crisis-Era Monetary Policy
Warsh is no stranger to the Federal Reserve. He previously served as a member of the Fed’s Board of Governors from 2006 to 2011, becoming the youngest Fed governor in history at age 35. His tenure coincided with the 2008 financial crisis, during which he represented the Fed at the G-20 and served as the Board’s emissary to emerging and advanced economies in Asia.
In addition to his policy background, Warsh held the role of Administrative Governor, overseeing internal Fed operations, personnel, and financial performance.
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Currently, Warsh serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and lectures at Stanford Graduate School of Business. He is also a partner of billionaire investor Stanley Druckenmiller at Duquesne Family Office.
Warsh’s academic credentials include an A.B. from Stanford University and a J.D. from Harvard Law School. He has conducted extensive research in economics and finance and authored an independent report for the Bank of England proposing reforms to U.K. monetary policy — recommendations that were later adopted by Parliament.
Prior to his Fed service, Warsh worked at Morgan Stanley in its mergers and acquisitions division and served in the George W. Bush White House as Special Assistant to the President for Economic Policy and Executive Secretary of the National Economic Council.
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Replacing Jerome Powell
The nomination is expected to replace current Fed Chairman Jerome Powell, whom Trump has repeatedly criticized for keeping interest rates too high.
Earlier this week, after the Fed announced it would freeze rates, Trump sharply rebuked Powell, arguing that inflation is no longer a threat and that rate cuts are overdue. The Federal Reserve lowered rates by a total of 75 basis points in 2025, but Trump has argued that the reductions came too late and failed to support economic growth.
According to reporting from Bloomberg News and the New York Post, Trump met with Warsh privately on Thursday before formally offering him the position. Warsh accepted the nomination shortly thereafter.
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A Clear Signal to Markets
Trump praised Warsh in glowing terms, calling him “central casting” and predicting he could become one of the greatest Fed chairmen in history. The nomination signals a likely shift toward a more growth-oriented and politically responsive central bank — a sharp contrast to Powell’s more cautious approach.
The move also sends a message to Wall Street and global markets that Trump intends to exert greater influence over monetary policy during his second term.
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Strategic Implications
Warsh has long been viewed as skeptical of prolonged high interest rates and unconventional central banking tools. If confirmed, his leadership could usher in lower rates, reduced regulatory burdens, and a Fed more aligned with the administration’s economic priorities.
As confirmation proceedings loom, the nomination is likely to ignite fierce debate in Washington over the independence of the Federal Reserve and the future direction of U.S. monetary policy.
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