A probe by the Department of Justice (DoJ) led Powell to strongly condemn it, and past Fed chairs and central bank heads sent messages of support. Warsh, who was a Fed governor from 2006 to 2011, has come up again as a possible candidate for the top job as rumours about who will replace the fired candidate grow. Trump said that Warsh “will go down as one of the GREAT Fed Chairmen, maybe the best” when he announced the choice on Truth Social.
Warsh’s appointment still needs Senate approval, which could take a long time. He will become head of the Federal Reserve if he is approved. He will do this at an unusually tense time, as economists and Wall Street investors watch for threats to the central bank’s independence.President Trump has chosen Kevin Warsh to take over as head of the US Federal Reserve when Jerome Powell’s four-year term ends in May.
It was thought that Warsh, who had been a Fed governor, might become chair during Trump’s first term. In the past, he has been very critical of the Federal Reserve, and people expect him to back lower interest rates in the near future.
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