President Trump confirmed Friday morning that he will nominate Kevin Warsh to replace Jerome Powell as chairman of the Federal Reserve, predicting Warsh “will go down as one of the GREAT Fed Chairmen, maybe the best.”
Trump, 79, announced the pick of Warsh, 55, on Truth Social hours after The Post’s Charles Gasparino reported that the commander-in-chief had settled on the former Fed governor to take over the central bank.
“On top of everything else,” Trump said of Warsh, “he is ‘central casting,’ and he will never let you down. Congratulations Kevin!”
Gasparino reported that the president formally called Warsh to offer him the job on Thursday after a final meeting, choosing him over BlackRock executive Rick Rieder, National Economic Council Director Kevin Hassett, and current Fed governor Christopher Waller.
In a separate post, Trump confirmed he had interviewed Rieder and Waller “and others” for the job, adding: “They all would have been outstanding, and have a great and unlimited future with ‘TRUMP.’ Such amazing talent in our Country.”
The president did not say he had interviewed Hassett for the post, but acknowledged speculation linking him to the job.
“[A] great Chairman he would have been but, quite honestly, he is doing such an outstanding job working with me and my team at the White House, that I just didn’t want to let him go,” Trump wrote. “Kevin is indescribably good so, as the expression goes, ‘if you can’t do better, don’t try to fix it!’ Thank you Kevin for doing such a great job!”
Warsh’s selection marks a comeback for the former Fed governor, whom Trump passed over for the top job in 2017 before later expressing regret about choosing Powell.
In recent months, Warsh has aligned himself more closely with Trump, publicly arguing that interest rates could be significantly lower — a notable shift for an economist once known as an inflation hawk.
That evolution has reassured some Trump allies but raised concerns among Fed watchers that the central bank’s independence could come under pressure from the White House.
Investors see Warsh as more conventional than some other contenders, though his recent calls for lower borrowing costs have fueled worries that political loyalty could influence monetary policy.
Warsh served on the Fed’s Board of Governors from 2006 to 2011. A former Morgan Stanley executive director, he gained a reputation during the 2008 financial crisis of being then-Fed Chair Ben Bernanke’s Wall Street whisperer.
After leaving the Fed, Warsh joined Stanford University’s Hoover Institution as a visiting fellow and also lectured at the California institution’s Graduate School of Business.
Powell’s tenure as Fed chair is due to end in May, and the 72-year-old has repeatedly been attacked by Trump for being slow to lower interest rates — with the president publicly calling Powell a “moron” Thursday after the central bank left its benchmark rate unchanged.
The previous day, Powell offered public advice for his replacement at a press conference following the Fed’s interest rate decision.
“Stay out of elected politics, don’t get pulled into elected politics,” he warned. “Don’t do it.”
Despite Trump’s expectations, Warsh will not have unilateral control over interest rates. Monetary policy is set by the 12-member Federal Open Market Committee, which votes on rate decisions.
The Fed held rates steady this week after cutting them three times at the end of last year, with borrowing costs still well above where Trump has said he wants them despite inflation stubbornly remaining above the central bank’s 2% benchmark.
Warsh’s nomination will still require Senate confirmation, a process that could be complicated by an ongoing Justice Department probe involving the Federal Reserve.
The central bank earlier this month received subpoenas tied to Powell’s June 2025 congressional testimony about a building renovation project, prompting some Republican lawmakers to warn they would all block Fed nominations until the issue is resolved.
Sen. Thom Tillis (R-NC), a member of the committee that will consider Warsh’s nomination, reiterated Friday morning on X that “I will oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved.”
