US President Donald Trump announced on Friday that he has nominated Kevin Warsh to become the next Chair of the Federal Reserve.
Warsh has most recently been a visiting professor at Stanford University. He is set to succeed Jerome Powell, whose term expires in May.
Over the past year Trump has repeatedly criticized Powell since the start of Powell’s second term and has urged the Fed to lower interest rates.
Warsh, who had served on the Fed’s Board of Governors from 2006 to 2011, has in recent weeks aligned himself with the President’s call for rate cuts. Trump has taken a personal stance against Powell, calling him incompetent.
The Senate still has to confirm the nomination, and that is not yet assured.
