President Trump announced early today that he has nominated former Federal Reserve board member Kevin Warsh to be the next chair of the Fed. If confirmed by the Senate, Warsh would succeed current Fed Chairman Jerome Powell.
Warsh worked in the mergers and acquisitions department at Morgan Stanley before joining the administration of President George W. Bush, where he was special assistant to the president for economic policy and executive secretary at the National Economic Council. Bush nominated Warsh to serve on the Fed board in 2006. During his term, he served as the Fed’s representative to the G20 and as an emissary to the emerging and advanced economies in Asia. He has a law degree from Harvard Law School.
American Bankers Association President and CEO Rob Nichols congratulated Warsh on his nomination. Nichols, who was secretary for public affairs at the Treasury Department during the Bush administration, noted he had worked alongside Warsh, so “I know he has a deep understanding of monetary policy, markets and the important role the nation’s banks play in the economy.”
“In selecting Warsh, President Trump has chosen an experienced and tested policymaker who previously served at the Fed during one of its most challenging moments,” Nichols said.
“We look forward to learning more about his current policy views during the confirmation process, and ultimately seeing a smooth transition in Fed leadership,” he added.
