On January 30, President Donald Trump nominated Mr. Kevin Warsh to succeed Mr. Jerome Powell as Chairman of the US Federal Reserve (Fed).
I have known Mr. Kevin for a long time and have no doubt that he will be recognized as one of the greatest Fed Chairmen, possibly the best" - President Trump shared on Truth Social when announcing the nomination.
US media commented that the nomination of Mr. Kevin Warsh, 55 years old, as Fed Chairman will not affect the market because he has experience working at the Fed.
He is respected and has prestige in the financial market" - David Bahnsen, Investment Director of The Bahnsen Group, commented.
President Trump's nomination of Mr. Warsh to the position of Fed Chairman took place at one of the most difficult times for the US central bank in decades.
Inflation in the US is not fully controlled, public debt is escalating and the Fed itself is facing unusual direct political pressure on how to manage monetary policy.
Most recently, the US Department of Justice summoned Fed Chairman Powell regarding the Fed headquarters construction project. Mr. Powell accused this move of being an excuse to push the Fed to adjust policies.
Mr. Warsh served as special advisor on economic policy from 2002 to 2006, served as Fed Governor from 2006 to 2011 and was the Fed's representative in the G20 group.
Mr. Warsh was interviewed for the position of Fed Chairman in 2017, but in the end this position belonged to Mr. Powell. Mr. Powell will end his term in May this year.
He is currently a lecturer at the Postgraduate School of Business at Stanford University, USA and holds positions at fast delivery company UPS, Korean e-commerce company Coupang and billionaire Stanley Druckenmiller's investment company - Duquesne Family Office.
