Washington: President Donald Trump on Friday announced that he will nominate economist Kevin Warsh to serve as Chairman of the Board of Governors of the Federal Reserve System.
“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 said in a statement.
Highlighting Warsh’s academic and professional credentials, Trump said he currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and is a lecturer at the Stanford Graduate School of Business. Warsh is also a partner at Duquesne Family Office alongside investor Stanley Druckenmiller.
Warsh earned his A.B. degree from Stanford University and his Juris Doctor from Harvard Law School, Trump said, adding that he has conducted extensive research in the fields of economics and finance.
The president also pointed to Warsh’s international work, noting that he authored an independent report for the Bank of England proposing reforms to the conduct of monetary policy in the United Kingdom. “Parliament adopted the report’s recommendations,” Trump said.
Emphasising Warsh’s previous tenure at the US central bank, Trump said he became the youngest Federal Reserve Governor in history at the age of 35 and served as a member of the Board of Governors from 2006 to 2011.
During that period, Warsh held several senior roles, including serving as the Federal Reserve’s representative to the Group of Twenty (G20) and as the Board’s emissary to emerging and advanced economies in Asia. He also served as Administrative Governor, overseeing the Board’s operations, personnel and financial performance.
Before joining the Federal Reserve, Warsh worked at the White House from 2002 to 2006 as Special Assistant to the President for Economic Policy and as Executive Secretary of the White House National Economic Council.
Trump also cited Warsh’s private-sector experience, noting that he worked at Morgan Stanley and Company in New York as a vice president and executive director in the firm’s mergers and acquisitions department.
Offering strong personal praise, Trump said he had known Warsh for a long time and expressed confidence in his leadership. “I have no doubt that he will go down as one of the great Fed chairmen, maybe the best,” Trump said. “On top of everything else, he is ‘central casting’, and he will never let you down.”
If confirmed, Warsh would succeed Jerome Powell, who has served as Federal Reserve Chair since 2018. Powell, first nominated to the role by Trump during his earlier term, steered US monetary policy through the COVID-19 pandemic and a sharp surge in inflation. Under Powell’s leadership, the Federal Reserve raised interest rates aggressively to curb price pressures, shaping global markets and economies worldwide.
With IANS inputs