On Friday, U.S. President Donald Trump announced that he has nominated former Federal Reserve Board member Kevin Warsh to become the next Fed Chair. Warsh, who was most recently a visiting professor at Stanford University, is set to take over from Jerome Powell, whose term expires in May.
Trump has repeatedly criticized Powell since the start of his second term-almost a year ago-and has pushed for lower interest rates, a goal he has not yet achieved. Warsh, who served on the Fed’s board from 2006 to 2011, has recently aligned himself with the president’s push for rate cuts and is seen by Trump as a more compliant choice.
Trump’s personal feud with Powell has intensified, with the president branding Powell incompetent. The nomination still requires Senate confirmation, and it is not yet clear whether the confirmation will be secured.