In Washington, President Donald Trump is anticipated to formally declare his intention to nominate Kevin Warsh as the Federal Reserve's next chair, according to individuals familiar with the nomination proceedings. The President has engaged in a thorough review over several months, ultimately narrowing his choice to four candidates. These finalists include Warsh, National Economic Council Director Kevin Hassett, BlackRock executive Rick Rieder, and Federal Reserve Governor Christopher Waller.
On Thursday evening, as President Trump arrived at the premiere of first lady Melania Trump's documentary, he revealed to reporters that he had finalized his decision and planned to announce it the following day. While he withheld the nominee’s name, Trump characterized the forthcoming choice as "a really great choice" and someone "very respected" and "known to everybody in the financial world." This signals a decisive moment after a lengthy deliberation process.
Warsh met with President Trump at the White House on Thursday, a meeting corroborated by a source close to the matter, with associated administration personnel already laying groundwork for the upcoming announcement. Requests for comments from the White House and Warsh himself were not immediately returned.
Despite the President's announcement plans, administration officials have reminded observers that the selection remains unconfirmed until Trump makes a formal public declaration, with an acknowledgment that his preferences have shifted multiple times throughout the nomination process.
The final phase of candidate evaluation encompassed face-to-face interviews with each of the four finalists, a procedure completed earlier this month. Warsh’s interview, conducted in December, reportedly received favorable feedback from both President Trump and his advisors. Trump’s associates remarked that Warsh appeared to conduct himself well during the meeting and even remarked positively on his physical bearing, indicating that he “looked the part.”
Kevin Warsh served as a Federal Reserve governor for a five-year term after being appointed by President George W. Bush. Under President Trump’s administrations, Warsh has been continually regarded as a possible appointee for prominent economic positions, including consideration as Treasury Secretary before the selection of Scott Bessent. Notably, Warsh was also in contention for the Federal Reserve chairmanship in 2017, a role that ultimately went to Jerome Powell.
President Trump has expressed a change in sentiment regarding Powell, who led the Fed chairmanship during his first term. The President has been openly critical of Powell and the Federal Reserve's policies throughout the initial year of his second term, underscoring the significance of the forthcoming nomination.
With Warsh’s nomination expected imminently, the administration is preparing for the transition in leadership at the Federal Reserve, an institution critical to U.S. monetary policy and economic stability. The anticipated announcement will conclude months of political and economic consideration, marking a potentially pivotal shift in Federal Reserve leadership.