Who Is Kevin Warsh? Trump’s Pick to Lead Federal Reserve After Powell

U.S. President Donald Trump announced on Friday his intention to nominate Kevin Warsh as the 17th Chair of the Federal Reserve, set to succeed Jerome Powell when his term ends in May 2026, a decision that could reshape the future of U.S. monetary policy.

In a post on his Truth Social platform, Trump wrote: “I am pleased to announce that I am nominating Kevin Warsh to be Chair of the Board of Governors of the Federal Reserve System.” He added that Warsh would go down as “one of the greatest Federal Reserve chairs, perhaps the best ever.”

Warsh is regarded as a relatively traditional candidate for the role, having previously served as a Federal Reserve governor. He was widely discussed as a potential Treasury Secretary during Trump’s second term and was also considered for the same position during Trump’s first administration.

His nomination comes amid Trump’s renewed push to lower living costs for Americans, an agenda that places the Federal Reserve, responsible for price stability, squarely in the political spotlight.

Warsh joined the Federal Reserve Board in 2006 at the age of 35, becoming the youngest person ever to serve on the powerful central bank’s governing council. Now 55, he has recently signaled a notable shift in his views on monetary policy.

Once known for his hawkish stance on inflation, Warsh has in recent months voiced support for cutting interest rates, according to several public statements. The shift has coincided with what observers describe as a highly visible and politically charged process by Trump to select the next Fed chair.

Warsh has also called for restructuring the Federal Reserve’s workforce, framing it as part of a broader institutional reform agenda.

While the selection of a Federal Reserve chair is always consequential, its importance is heightened under Trump, who has repeatedly criticized the central bank and its current leadership. Over the past year, Trump has intensified his attacks on Jerome Powell, whom he originally appointed, most recently describing him as an “idiot.”

According to Treasury Secretary Scott Bessent, who led the search process, the shortlist at one stage included around a dozen candidates, ranging from prominent figures in Trump’s “MAGA” circle, such as National Economic Council Director Kevin Hassett, to former Treasury Secretary Janet Yellen.

Bessent himself was considered for the role but said he asked to remain in his current position.

Warsh’s nomination will be reviewed by the Senate Banking Committee, which is expected to hold a public confirmation hearing before the full Senate votes on whether to approve his appointment.

However, the process may be complicated by an extraordinary criminal investigation launched by the Trump administration into Jerome Powell, an action that has drawn criticism from several Republican senators, who argue it crosses institutional red lines and risks delaying Warsh’s confirmation.

Concerns have also mounted over Trump’s efforts to politicize the Federal Reserve, raising alarms about potential threats to the central bank’s long-standing independence.

Lawmakers are expected to question Warsh closely about his shift on interest rates, any commitments made to Trump regarding future monetary policy, and his personal connections, particularly his relationship with his father-in-law, Ronald Lauder, a prominent Republican donor.

Warsh previously worked as an economist at the White House under President George W. Bush and currently serves as a visiting fellow at the Hoover Institution, a conservative-leaning think tank affiliated with Stanford University.

Despite Trump’s push for aggressive rate cuts to stimulate economic growth, many economists note that Warsh’s historical record reflects a strong anti-inflation bias.

During the height of the 2009 global financial crisis, when unemployment was soaring, Warsh expressed concern about inflationary risks.

According to Federal Reserve meeting minutes published later, Warsh stated: “I continue to be more concerned about upside risks to inflation than downside risks.”

He also argued at the time that the Fed should unwind its emergency support measures more quickly than many of the bank’s own economists anticipated.