Washington—The Trump administration is making it clear: They want Kevin Warsh as the next leader of the Federal Reserve. A formal announcement is expected Friday.
People close to the White House and reports from big media outlets say Trump plans to tap Warsh to replace Jerome Powell, whose term as Fed chair runs out in May 2026.
Trump dropped a pretty obvious hint during a public event Thursday night. He didn’t name names, but he all but pointed to Warsh, saying the pick wouldn’t surprise anyone on Wall Street. “A lot of people think this is somebody that could’ve been there a few years ago,” Trump said.
If you don’t remember, Warsh sat on the Fed’s Board of Governors from 2006 to 2011 and has been in Trump’s economic circle lately. Sources say Trump wants someone who both reassures investors and shares his push for faster interest rate cuts.
Still, Warsh’s nomination isn’t a done deal. Some Senate Republicans seem enthusiastic, but others are holding back because of an ongoing Justice Department investigation tied to Powell’s testimony before Congress.
Senator Thom Tillis from North Carolina, who sits on the Senate Banking Committee, says he’ll block any Fed nominations until the investigation wraps up. “The Fed nominations are not going to move until the investigation and potential indictment of Chair Powell is completed,” Tillis told reporters at the Capitol.
He insists those holds will stay in place until the case is closed or dropped. Senate Majority Leader John Thune has admitted it’ll be tough to confirm a new Fed chair without Tillis’s support.
If Trump officially puts Warsh’s name forward, his confirmation will depend on some tough political wrangling in the Senate, with the whole debate over the Fed’s independence and partisan influence heating up again.
