Key Metrics
37.94
Heat Index-
Impact LevelMedium
-
Scope LevelNational
-
Last Update2026-01-30
Key Impacts
Positive Impacts (1)
Event Overview
The nomination reflects a strategic decision in economic policy, highlighting the importance of financial experience and academic background. The choice excludes a key government official, emphasizing the preference for external expertise over internal candidates.
Collect Records
Trump Announces Nomination of Kevin Warsh for Federal Reserve Chair
Donald Trump has announced the nomination of Kevin Warsh as the next Federal Reserve Chair. Warsh is currently a visiting economics fellow at the Hoover Institution and a lecturer at the Stanford University Graduate School of Business. He holds a Bachelor of Arts degree from Stanford University and a Juris Doctor degree from Harvard Law School. Warsh has previously served as a special assistant to the President for economic policy and as the executive secretary of the National Economic Council at the White House. He also worked in the mergers and acquisitions department at Morgan Stanley. Trump believes that Warsh has all the qualifications and leadership skills necessary to be an outstanding Federal Reserve Chair.
Trump to Announce Fed Chair Nominee on Friday
U.S. President Donald Trump announced that he will reveal his nominee for the Federal Reserve chair on Friday morning, concluding a months-long selection process. The candidates include National Economic Council Director Kevin Hassett, Federal Reserve Governor Christopher Waller, former Federal Reserve Governor Kevin Warsh, and BlackRock executive Rick Rieder. Trump hinted that the choice would not be surprising and is someone well-known in the financial world.
President Trump Rules Out Treasury Secretary Scott Bessent for Federal Reserve Chair
On June 24, 2025, President Donald Trump announced that Treasury Secretary Scott Bessent is no longer being considered as a replacement for Jerome Powell as Chair of the Federal Reserve. Speaking in a CNBC interview on Tuesday, Trump said, “I love Scott, but he wants to stay where he is. I'll take him off, because I asked him just last night, 'Is this something you want?' Nope, I want to stay where I am.” Trump stated that Bessent wishes to remain in his current position at the Treasury Department.
Trump also revealed that he is considering other candidates, including former Federal Reserve governor Kevin Warsh, top White House economist Kevin Hassett, and two unnamed individuals. The move follows Trump’s ongoing public criticism of current Fed Chair Powell, particularly regarding the central bank’s decision not to lower interest rates this year.
The announcement comes in the wake of Federal Reserve Governor Adriana Kugler's resignation last week, creating an opening for a new appointee. Trump told CNBC, “I'm going to be announcing that very shortly. It'll be for the four months, you know, for the short period of time,” referring to the appointment's length. Trump added that whoever he selects to replace Kugler could also be considered for the Fed Chair role when Powell’s term concludes the next year.
According to economist Kevin Hassett, Scott Bessent has been assisting Trump in the search for a new Fed Chair. Bessent has also played a significant role in trade negotiations, having traveled to Sweden the previous week to meet with Chinese officials regarding the extension of current tariff rates before an August 12 deadline.
The immediate result of Trump’s announcement is that Bessent will continue as Treasury Secretary, while the pool of potential candidates for the Federal Reserve Chair is narrowed to four other individuals. Further announcements regarding the new Fed appointee are expected soon.