Trump officially nominated Kevin Warsh to serve as the Chairman of the Federal Reserve, to replace Powell

The White House announced on Wednesday that it has officially nominated Kevin Warsh to serve as the Chairman of the Federal Reserve, succeeding Jerome Powell after his term ends. President Trump announced this candidate on January 30, but the nomination was not formally submitted until Wednesday. If confirmed by the U.S. Senate, Warsh will serve as Chairman of the Federal Reserve for four years. He has also been nominated to the Federal Reserve Board, with a 14-year term that began on February 1. Powell's term as Chairman of the Federal Reserve will end in May of this year, but he still has two years remaining on his term as a Federal Reserve Board member. Typically, the Chairman resigns from the Board after their term as Chairman ends, but it is unclear whether Powell will do so. Since taking office last year, Trump has pressured the Federal Reserve to lower interest rates. On February 11, Powell announced that he is under investigation by the U.S. Department of Justice regarding renovations to the Federal Reserve building. He claimed that the investigation is a pretext aimed at punishing him for not setting the federal interest rate according to Trump's wishes. North Carolina Republican Senator Thom Tillis stated that he will block Warsh's nomination from advancing in the Senate until the investigation into Powell is resolved. His stance could hinder the nomination from moving forward in the Senate. Tillis immediately expressed his position on social media platform X after Trump announced Warsh's selection: Kevin Warsh is a qualified nominee with a deep understanding of monetary policy. However, the Department of Justice is still conducting a criminal investigation into Federal Reserve Chairman Powell based on committee testimony, and any rational person would not interpret this testimony as having criminal intent. Protecting the Federal Reserve from political interference or legal intimidation and maintaining its independence is non-negotiable. My position has not changed: I will oppose the confirmation of any Federal Reserve nominee, including the Chair position, until the Department of Justice's investigation into Chairman Powell is fully and transparently resolved. Warsh served on the Federal Reserve Board for five years starting in 2006, appointed by then-President George W. Bush. He is currently a distinguished visiting scholar at the Hoover Institution and a lecturer at the Stanford Graduate School of Business. He is also a partner at the Dreyfus Family Office, an investment firm founded by Stanley Druckenmiller. Trump also attempted to fire Federal Reserve Governor Lisa Cook in August, citing her alignment with Powell on interest rate issues. Trump accused Cook of mortgage fraud, but she denied any wrongdoing. Cook subsequently filed a lawsuit against the government, challenging the dismissal decision. The U.S. Supreme Court heard the case in January but has not yet ruled on the legality of her dismissal. Cook remains on the Federal Reserve Board