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Informist, Thursday, Mar. 5, 2026

 

--TV: US President Trump officially nominates Kevin Warsh as Fed chair

 

NEW DELHI – US President Donald Trump has formally nominated Kevin Warsh, a former governor of the US Federal Reserve, to serve as the next chair of the board of governors of the Federal Reserve System. Incumbent Jerome Powell's term as chair is scheduled to end in May.

 

Warsh's nomination was presented to the Senate, the White House said in a statement Wednesday. This comes more than a month after Trump had announced Warsh as his nominee through a post on his Truth Social platform.

 

The Fed chair is appointed for a period of four years. The president's nominee has to be confirmed by the Senate. Powell is serving his second term, having been appointed by Trump during his first term as president in 2018 and again by Joseph R. Biden in 2022. His term ends May 22.

 

In recent months, Powell has been embroiled in controversy amid questions on the US central bank's independence. Trump has publicly and persistently demanded that the US Federal Open Market Committee, which decides interest rates in the country, cut rates in a hurry to bolster the world's largest economy. The Fed's refusal to fall in line has resulted in Trump constantly berating the chair, mocking him as Jerome "Too Late" Powell on social media. This continued after the latest FOMC decision, when the committee held the benchmark rate in a 10-2 vote.

 

Warsh is currently linked with top universities and right-wing think tanks and has worked with private family offices as well as with Morgan Stanley. He became the youngest member of the Fed's board of governors when he was appointed in 2006 at age 35, serving until 2011. He also worked in economic advisory roles at the White House in the George W. Bush administration between 2002 and 2006.

 

During his time as a policymaker, Warsh was known to favour higher interest rates to keep inflation in check. In recent weeks, he has sharply criticised the Fed and its members and called for "regime change". He is seen supporting Trump's call for lower interest rates.

Powell's term on the Fed's board of governors is scheduled to end only in 2028. Whether he stays on till then or resigns once his term as chair ends remains to be seen.  End

 

Reported by Priyasmita Dutta

Edited by Rajeev Pai

 

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