US President Donald Trump said Friday that he will nominate former Federal Reserve governor Kevin Warsh as the next chair of the US central bank, a move that places focus on the direction of the central bank and its relationship with the White House.
Warsh will replace Jerome Powell when his term ends in May. Trump, who appointed Powell in 2017, has repeatedly criticised him this year for not cutting interest rates fast enough. The nomination, which requires Senate confirmation, comes after months of public pressure by the president on the central bank.
Warsh’s nomination brings attention to his record at the Federal Reserve. So, who is Kevin Warsh?
Youngest member of Fed board
Warsh joined the Federal Reserve’s governing board in 2006 at 35, making him the youngest governor in the institution’s history. He served a full term until 2011. His tenure spanned the run-up to the global financial crisis, the collapse of major US financial institutions and the early years of the economic recovery.
Key role during financial crisis
Warsh worked closely with then Fed chair Ben Bernanke during the financial crisis and the Great Recession. Bernanke later wrote that Warsh served as one of his closest advisers during that period and played a role in the central bank’s efforts to stabilise financial markets and support the economy.
Opposition to low-rate policies
During his time on the board, Warsh objected to several low-interest-rate measures adopted during and after the crisis. He warned in internal discussions that aggressive rate cuts and other stimulus steps could lead to higher inflation, even as inflation remained low for years after the recession ended.
Changed stance in recent years
More recently, Warsh has argued in speeches and opinion columns that the Federal Reserve should support lower interest rates. In a January 2025 column in The Wall Street Journal, he wrote that deregulation and cuts in government spending would reduce inflationary pressure and allow the Fed to lower rates.
Critic of the current Fed
Warsh has emerged as a vocal critic of the Federal Reserve under Jerome Powell. He has called for “regime change” at the central bank and accused it of straying beyond its mandate by engaging on issues such as climate change and diversity, equity and inclusion. He has also said the Fed made a major policy mistake by allowing inflation to rise sharply in 2021–22.
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