Name: Trump Nominates Kevin Warsh as the Next Fed Chair
Uploaded: 2026-01-30T22:23:19.000Z
Description: The appointment, which requires Senate confirmation, amounts to a return trip for Warsh, 55, who was a member of the Fed's board from 2006 to 2011.

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President Donald Trump said Friday that he will nominate former Federal Reserve official Kevin Warsh to be the next chair of the Fed. Warsh would replace current chair Jerome Powell when his term expires in May.

"I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/115983891481988557">posted</a> on his Truth Social site. “On top of everything else, he is ‘central casting,’ and he will never let you down.”

The appointment, which requires Senate confirmation, amounts to a return trip for Warsh, 55, who was a member of the Fed's board from 2006 to 2011. He was the youngest governor in history when he was appointed at age 35. He is currently a fellow at the right-leaning Hoover Institution and a lecturer at the Stanford Graduate School of Business.

In some ways, Warsh is an unlikely choice for the Republican president because he has long been a hawk in Fed parlance, or someone who typically supports higher interest rates to control inflation. Trump has said the Fed’s key rate should be as low as 1 percent, far below its current level of about 3.6 percent.

During his time as governor, Warsh objected to some of the low-interest rate policies that the Fed pursued during and after the 2008-09 Great Recession. He also often expressed concern at that time that inflation would soon accelerate, even though it remained at rock-bottom levels for many years after that recession ended.

But more recently, however, in speeches and opinion columns, Warsh has said he supports lower rates.

For now, Warsh would fill a seat on the Fed’s governing board that was temporarily occupied by Stephen Miran, a White House adviser whom Trump appointed in September. Once on the board, Trump could then elevate Warsh to the chair position when Powell’s term ends in May.
<h2>Trump's Economic Policies</h2>
Since Trump's reelection, Warsh has expressed support for the president's economic policies.

In a January 2025 column in The Wall Street Journal, Warsh wrote that "the Trump administration’s strong deregulatory policies, if implemented, would be disinflationary. Cutbacks in government spending—inspired by the Department of Government Efficiency—would also materially reduce inflationary pressures.” Lower inflation would allow the Fed to deliver the rate cuts the president wants.

Trump had said he would appoint a Fed chair who would cut interest rates, which he says will reduce the borrowing costs of the federal government’s huge $38 trillion debt pile. Trump also wants lower rates to boost home sales, which have been held back partly by higher mortgage costs. Yet the Fed doesn't directly set longer-term interest rates for things like home and car purchases.
<h2>Who is Warsh?</h2>
Prior to serving on the Fed's board in 2006, Warsh was an economic aide in George W. Bush's Republican administration and was an investment banker at Morgan Stanley.

Warsh worked closely with then-Chair Ben Bernanke in 2008-09 during the central bank’s efforts to combat the financial crisis and the Great Recession. Bernanke later wrote in his memoirs that Warsh was “one of my closest advisers and confidants” and added that his “political and markets savvy and many contacts on Wall Street would prove invaluable.”

Warsh, however, raised concerns in 2008, as the economy tumbled into a deep recession, that further interest rate cuts by the Fed could spur inflation. Yet even after the Fed cut its rate to nearly zero, inflation stayed low.

And he objected in meetings in 2011 to the Fed's decision to purchase $600 billion of Treasury bonds, an effort to lower long-term interest rates, though he ultimately voted in favor of the decision at Bernanke's behest.

In recent months, Warsh has become much more critical of the Fed, calling for “regime change" and assailing Powell for engaging on issues like climate change and diversity, equity, and inclusion, which Warsh said are outside the Fed's mandate.

His more critical approach suggests that if he does ascend to the position of chair, it would amount to a sharp transition at the Fed.

In a July interview on CNBC, Warsh said Fed policy “has been broken for quite a long time.”

“The central bank that sits there today is radically different than the central bank I joined in 2006,” he added. By allowing inflation to surge in 2021-22, the Fed “brought about the greatest mistake in macroeconomic policy in 45 years, that divided the country.”

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