Warsh was one of Trump’s top picks for Fed chair during his first term, before he chose Jerome Powell.
By Catholics for Catholics
The nomination of Kevin Warsh by President Donald Trump to chair the Federal Reserve may come with extensive changes at a central bank that dominates the global economy and markets like no other.
If approved by the Senate, Warsh will be under close inspection from financial markets and Congress given his appointment by Trump, who has insisted on much lower rates than some economists agree with. They believe that working in such a high-profile position will be a daunting challenge.
“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 wrote in a Jan. 30 post on Truth Social, according to The Epoch Times.
“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. On top of everything else, he is ‘central casting,’ and he will never let you down. Congratulations Kevin!”
Talking to the press in the Oval Office on Jan. 30, Trump said he did not ask Warsh to lower interest rates, though they did discuss it.
“I think it’s inappropriate,” Trump said. “He certainly wants to cut rates. I’ve been watching him for a long time.”
While the new chair will be just one vote, Trump believes other officials will change their minds and support cutting interest rates.
“If they respect the Fed chairman, they’ll be with us all the way,” Trump told reporters on Jan. 29 during the premiere of “Melania,” the film about first lady Melania Trump.
Warsh is a seasoned veteran who worked as special assistant to the president for economic policy during the Bush administration, from 2002 to 2006. He was also the executive secretary of the National Economic Council.
Portrayed as a hard-money hawk, Warsh was nominated to the Federal Reserve Board of Governors in January 2006 and served under Fed Chair Ben Bernanke. He stepped down from his position in early 2011.
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