US President Donald Trump said he is nominating Kevin Warsh as the next Chairman of the Federal Reserve, replacing Jerome Powell, according to a statement he posted on Truth Social.
“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is “central casting,” and he will never let you down,” Trump said in the post.
Kevin Warsh has previously served as a Fed governor from 2006 to 2011. Warsh has been an outspoken Fed critic, attacking the central bank’s heavy reliance on data to its use of assets on its balance sheet, BBC reported earlier.
Though known for his “hawkish” stance, who favored higher rates while in office, Warsh is now seen as more supportive of lower rates in the near term, the report stated.
(This is a developing story)
