US President Trump said in his post on his social media account: “I am pleased to announce that I have nominated Kevin Warsh as Chairman of the Fed Board.” he said.
Trump stated that Warsh is currently an economist at the Hoover Institution and a lecturer at Stanford University's Graduate School of Business, and stated that he is also a partner with Stanley Druckenmiller in the Duquesne Family Office.
Trump stated that Warsh studied at Stanford University and Harvard University Law School and that he had conducted extensive research in economics and finance.
Trump noted that Warsh had also submitted an independent report to the Bank of England recommending reforms in the conduct of monetary policy in the United Kingdom, and said that Parliament had accepted the recommendations in the report.
Recalling that Warsh is the youngest member of the Fed Board of Directors at 35 years old, Trump explained that he was a member of the Fed Board of Directors from 2006 to 2011 and that he served as the Fed's G-20 representative and as the representative of developing and developed countries in Asia on the board.
Trump explained that Warsh also served as a “board member” by directing and overseeing the board's activities, personnel and financial performance, noting that before his appointment to the board, he served as special assistant for economic policy to the then US president between 2002 and 2006 and as executive secretary of the White House National Economic Council.
Trump noted that Warsh previously worked as a vice president and managing director of Morgan Stanley's mergers and acquisitions division in New York, and continued:
“I have known Kevin for a long time and have no doubt that he will go down as one of the greatest Fed Chairs in history, perhaps even the best. Furthermore, he is perfect for the role and will never let you down. Congratulations, Kevin.”
Trump's nominee, Warsh, needs Senate approval to become Fed chairman.
Current Fed Chair Jerome Powell's term expires in May.
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