President Donald Trump announced he is nominating Kevin Warsh to lead the Federal Reserve.
If approved, Warsh will replace Jerome Powell whose term expires in May, Fox Business reported.
Trump made his announcement in a post on Truth Social Friday morning.
“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Trump wrote. “On top of everything else, he is ‘central casting,’ and he will never let you down. Congratulations Kevin!”
It is not an easy time for the Federal Reserve.
The Justice Department is currently doing a criminal investigation into Powell, the Supreme Court is weighing limits on the Fed’s independence and the cost of living continues to be a concern.
If confirmed by the Senate, Warsh would assume have direct influence over interest rate decisions and the central bank’s battle against inflation.
The Federal Reserve sets borrowing costs and shapes inflation. It also influences Americans’ day-to-day affordability.
Tension has been high between Powell and Trump over interest rate decisions and monetary policy.
Trump has wanted the Fed to cut rates, a move he says could save the nation “hundreds of billions of dollars.”
Warsh’s road to confirmation may be a bumpy one, per The Hill.
Sens. Thom Tillis (R-N.C.) and Lisa Murkowski (R-Alaska) have said they would oppose anyone the Trump nominates while the Justice Department is conducting its criminal probe into the bank and Powell.
On a separate post on Truth Social, Trump wrote about the speculation that he would name Kevin Hassett to the position.
He wrote Hassett, the director of the National Economic Council, would have been “great,” but “is doing such an outstanding job working with me and my team at the White House, that I just didn’t want to let him go.”
