Meet Kevin Warsh: President Trump’s Potential Nominee for Federal Reserve Chair

President Donald Trump announced on Friday that he has chosen Kevin Warsh, a former member of the Federal Reserve Board, to replace Jerome Powell as the Chair of the Federal Reserve.

In a statement shared on Truth Social, Trump praised Warsh’s qualifications, expressing his belief that Warsh could be remembered as “one of the GREAT Fed Chairmen, perhaps the best.”

Warsh, originally from Albany, New York, holds degrees from Stanford University and Harvard Law School, as detailed on the Federal Reserve’s official website.

Jerome Powell, whose term is due to conclude in May, has been in disagreement with Trump recently regarding decisions on interest rates and upgrades at the Fed’s Washington, D.C. headquarters. Trump, who appointed Powell in 2017, has frequently threatened to dismiss him amid these disputes.

Warsh and Kevin Hassett, the Director of the National Economic Council, were leading candidates for the nomination. Trump elaborated on Truth Social, explaining his decision to keep Hassett in his current role and discussing other potential candidates for the Fed leadership.

If confirmed by the Senate, Warsh will become the 17th chair of the Fed.

Here is what you need to know about the nominee.

Economic advisor

After graduating from Harvard in 1995, Warsh joined Morgan Stanley & Co’s mergers and acquisitions department as a financial advisor in New York. By the time he left in 2002, he was the company’s vice president and executive director. 

Following his time at Morgan Stanley, Walsh became former President George W. Bush’s special assistant for economic policy, as well as the National Economic Council’s (NEC) executive secretary.

Bush nominated him to serve on the Fed’s Board of Governors in 2006. 

Fed board stint

Warsh served on the Fed board from 2006 to 2011, overseeing the 2007-08 financial crisis, according to the bank’s records.

After leaving the board, he served on the board of directors at UPS and Korean e-commerce company Coupang. The nominee also served as the Congressional Budget Office’s economic advisor, according to the records.

He is currently a visiting fellow at Stanford’s Hoover Institution and a partner at billionaire Stanley F. Druckenmiller’s investment firm, Duquesne Family Office. 

Former nominee for Fed chair

This is not the first time Warsh’s name has been floated for the position.

Warsh was a runner-up to lead the Fed in 2017, when Trump selected Powell as his nominee to replace then-Chair Janet Yellen.

He was also among several rumored picks for the president’s Treasury secretary nomination after the 2024 presidential election. The role ultimately went to Scott Bessent, who was also on Trump’s shortlist to succeed Powell.