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Trump nominates Kevin Wash to serve as Federal Reserve Chairman
On the morning of January 30th local time, U.S. President Trump nominated former Federal Reserve Board member Kevin Warsh to serve as the next Federal Reserve Chair, succeeding current Chair Jerome Powell.
Warsh joined the Federal Reserve in 2006 and was the youngest Federal Reserve Board member at the time. During his tenure at the Fed, Warsh held a hawkish monetary policy stance, but in recent years shifted to support Trump’s tariff policies and a faster pace of rate cuts. During his first term as president, Trump nominated Powell as Fed Chair. At that time, both Powell and Warsh were considered candidates by Trump, but Powell was ultimately nominated.
Powell’s term as Fed Chair will end in May this year. Although he was appointed by Trump, he has long been publicly criticized by Trump for his monetary policy decisions. After Trump was re-elected as U.S. President last year, he attempted multiple times to interfere with the Fed’s monetary policy decisions. Powell is also currently under criminal investigation for the renovation project of the Federal Reserve building.