Washington: President Donald Trump on Friday said he will nominate Kevin Warsh to serve as Chairman of the Board of Governors of the Federal Reserve System.
“I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,” Trump said in a statement.
Trump pointed to Warsh’s current academic and professional roles. He said Warsh “currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, and Lecturer at the Stanford Graduate School of Business.”
He is a Partner of Stanley Druckenmiller at Duquesne Family Office. He said Warsh “received his A.B. from Stanford University, and J.D. from Harvard Law School. He also said Warsh “has conducted extensive research in the field of Economics and Finance.”
The president cited Warsh’s work abroad. He said Warsh “issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom.” Trump said, “Parliament adopted the Report’s recommendations.”
Trump emphasised Warsh’s prior service at the U.S. central bank. He said Warsh “became the youngest Fed Governor, ever, at 35.” Warsh served “as a Member of the Board of Governors of the Federal Reserve System from 2006 until 2011.”
During that period, Trump said, Warsh took on several senior roles. He served “as the Federal Reserve’s Representative to the Group of Twenty (G-20).” He also served “as the Board’s Emissary to the Emerging and Advanced Economies in Asia.”
Trump said Warsh also held internal leadership duties at the Fed. He said Warsh was “Administrative Governor, managing and overseeing the Board’s operations, personnel, and financial performance.”
Before joining the Federal Reserve, Warsh worked in the White House. From 2002 until 2006, he served “as Special Assistant to the President for Economic Policy.” He was also “Executive Secretary of the White House National Economic Council,” Trump said.
Trump pointed to Warsh’s private-sector background as well. He said Warsh “was a member of the Mergers & Acquisitions Department at Morgan Stanley & Co., in New York.” Warsh served there “as Vice President and Executive Director.”
Trump offered strong personal praise. “I have known Kevin for a long period of time,” he said. Trump added that he has “no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best.” He also said, “On top of everything else, he is ‘central casting,’ and he will never let you down.”
Warsh would replace Jerome Powell, who has led the Federal Reserve since 2018. Powell was first nominated as Fed chair by Trump during his earlier term. He guided U.S. monetary policy through the COVID-19 pandemic and a sharp rise in inflation. Under Powell, the Fed raised interest rates aggressively to curb price pressures. His tenure has had a major impact on global markets and economies worldwide.
(IANS)
